Fuel Prices To Rise

The Chamber of Petroleum Consumers Ghana (COPECGH) has announced that consumers of petroleum products will pay more for fuel beginning today September 1, this year.

Prices across the various Oil Marketing Companies (OMCs) went down by between two and four percent during the recent fuel pricing window, and has over the past one month seen some cumulative reductions of between 3 and 6 percent across most service stations, a press statement issued yesterday by the Chamber signed by Duncan Amoah, Executive Secretary, said.
Current world market prices continue to hover around $47/barrel up from previous levels of around $42/barrel as at the beginning of the current pricing window.
“The cedi has over the past two seeks also recorded some loses to close trading at 3.98/dollar from previous trading at the start of the current window at 3.89. Figures from the various Bulk Distribution Companies point to an imminent upward adjustment in pump by between 4-7 percent across most BDCs as some BDCs, who were charging 1.48/litre before taxes have moved to 1.71/litre and likely to result in pump prices going up by same margins.
“The downstream price deregulation programme continues to be closely monitored and looks likely to roll to the second phase which allows the various oil marketing companies to charge different prices at their various stations across the country though we understand the national petroleum is asking for it to be put on hold.”
The chamber said the second phase, when rolled out, has the tendency to cause a lot of distress and confusion, as it will now completely leave the consumer to pay whatever rates the various outlets across the regions decide to charge and must not be encouraged, as cost of products in places where prices will be higher will most likely affect cost of living at same.
“The current uniform pricing policy serves the interests of a unified state, as Ghana and will be dangerous if tampered with.

Transport operators have served notice it will lead to charging of different transport fares at different parts of the country depending on how cheap or expensive pump prices for those areas are and will eventually lead to not only confusion but arbitrariness and eventual fleecing.

“We are by this notice calling for the shelving of any such moves, as it will not only violate the laws of the land but also lead to complete arbitrariness in the system.”
Meanwhile, Radiance Oil continues to dispense the lowest prices for petrol at 3.425/litre and also sell the cheapest diesel on the market at 3.360/litre.

By Samuel Boadi

[email protected]

About ghanamma

Leave a Reply