Fuel prices to go up by 2% – Petroleum Chamber

The second pricing window for the month of June is set to commence on Thursday the 15th and information and figures gathered from Industry players suggest prices are likely to be adjusted upwards by some 2% on current exorbitant pump prices, the Chamber of Petroleum Consumers Ghana has said in a statement signed by Executive Secretary Duncan Amoah.

The chamber said it finds the latest moves “very unfortunate and totally unnecessary” considering the fact that world market prices, though currently volatile, have not seen any significant increases to warrant any such relative increases on local pump prices.

The exchange differentials have also neither seen any significant changes to warrant any such increases, the Chamber added.

“We find this latest moves very worrying and will advise the various petroleum service providers to shelve any such moves as it will amount to complete and needless fleecing of the Ghanaian consumer.

“We further use this opportunity to also remind government of the urgent need to ensure the downward revision of the levels of taxes on petroleum products in the country. We also maintain our call on government to put in place a dual-pricing mechanism, which will serve to minimise the effects of world market prices adversely affecting local pump prices and the deregulation programme altogether.

“We further remind government that its own projected and budgeted $53/barrel for 2016 fiscal year from the Jubilee exports and revenue realisation is close to a reality as prices hover around $50/barrel currently, and could soon hit the budgeted figure, hence the need to ensure most, if not all of the petroleum taxes in the 2015 energy sector levies Act, be reviewed or removed completely,” the statement added.

The Chamber said it continues to monitor prices and “will not hesitate to advise ourselves accordingly in due time if all consultations and negotiations remain unheeded”.