COPEC calls on government to expedite action on reducing rising fuel prices
The Executive Director of the Chamber of Petroleum Consumers (COPEC), Mr Duncan Amoah, has called on the government and the Bank of Ghana (BoG) to take prompt measures to arrest the escalating fuel prices.
In an interview on Okay FM in Accra monitored by ghanabusinessnews.com, he said the trend at which fuel prices are increased every two weeks in the country is worrying and if no strategic measures are taken fuel prices will go up again in the next two weeks.
“Fuel prices keep going up. Last two weeks fuel prices were up by 11 per cent and this week it is inching close to two percent and when that happens it is the ordinary Ghanaian that suffers”
“Due to heavy Special Petroleum Tax the price of petrol here is around 0.93 cent although the Global Pricing Index hovers around 0.60 cent per litre for petrol.”
He also said that although Ghanaians pay Price Stabilisation Margin (PSM) of ninety pesewas on fuel, fuel prices are not stabilized and the ninety pesewas charged is rather becoming revenue for government.
Mr Amoah describe as worrying how the price of petrol which was between GH¢ 14 and GH¢15 a gallon has shot up to GH¢ 19 within two months.
He further said the country has not had any reduction in fuel for some time now due to heavy taxes and levies imposed on it.
“If government is repositioning special petroleum tax, petroleum prices will come down” he said.
He urged the new government to make the reduction of taxes and levies on fuel its major priority in its first 100 days and also called on Bank of Ghana to work in stabilizing the cedi.
Mr Amoah adviced the Oil Marketing Companies (OMC’s) and the Bulk Oil Distribution Companies (BDC’s) not to take advantage of the deregulation of fuel prices.
By Pamela Ofori-Boateng
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