Our projections were in range- COPEC

The Chamber of Petroleum Consumers (COPEC) of Ghana has insisted that its projection of fuel price adjustment is accurate.

COPEC issued a statement on Monday announcing that fuel prices may go up at the local pumps between 3 and 11 percent.

But a statement from the National Petroleum Authority(NPA) yesterday described the announcement as false and misleading.

The Chief Executive Officer of the NPA, Moses Asaga told Citi Business News fuel prices have gone up by 4 percent.

Responding to the NPA, the Executive Secretary of COPEC, Duncan Amoah insisted that the chambers calculations were accurate.

“The public statement we issued yesterday was categorical about fuel prices going up at the local pumps and from figures we picked, we knew it could be anything between 3-11%,” he noted.

He explained that “most of the current adjustments have hovered between 3-6%, meaning we don’t get to pay the full haul as some would have wanted to increase and that’s not only welcoming but very good coming from the industry that has the consumer’s sensitivity to prices and choice in mind”.

He described as misleading an earlier press release by the NPA that suggested that there have not been any fuel price increase.

“It is instructive to add that the market figures picked as of yesterday which indicated between 3-11% has so far been within the projections as most[companies] who have increased have stayed within 3 to 6% so far,” he maintained.

He announced that some fuel stations increased the prices from the previous diesel levels of 3.60 to  3.72, whilst  petrol has shot up from previous levels of 3.610 to current levels of 3.750 for a good number of the OMCs.

“Some of the OMCs that have increased their prices include Lucky Oil, Petrosol Oil, Engen Oil Ghana, Total Ghana and Shell Ghana,” he said.
By: Lawrence Segbefia/citibusinessnews.com/Ghana

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