Reduce fuel price by 1 to 4% – COPECGH

The Chamber of Petroleum Consumers Ghana is calling for a reduction in the price of fuel by between 1 and 4%.

According to the chamber, on Tuesday January 31, prices of fuel products within the country have seen some cumulative 14 – 17% increases over the past three pricing windows.

“ The Cedi which has been the main challenge over the past three windows seem to have made some gains to stabilize over the past two weeks to currently close trading at an exchange of 4.2798 / $ 1”.

“World market indexes have seen some drops by over $2 /barrel to currently trade at around $53/barrel from the previous levels of around $56/barrel,” a statement by the group said.

It added that, levels of taxes which have been one major concern for most Ghanaian petroleum users continue to remain at same levels though some aspects of the levies continue to rise anytime ex-refinery prices go up.

“From the above, it is our expectation and that of Ghanaians that the coming window will see the various bulk distribution companies (BDCs) and Oil Marketing Companies ( OMCS) reduce fuel prices by between 1-4% to ease the current pressures on the pockets of Ghanaian petroleum consumers.

“It is our expectation that fairness under price deregulation which dictates prices should reflect current trends and market dynamics will prevail same way it does at the periods when prices have had to go up,” the statement added.

It concluded: “Most pumps as at this day and time are dispensing at between 4.080-4.160/litre for Pms and diesel or AGO is trading at between 4.060-4.120/litre from previous levels of 3.930-3.961 for PMS and 3.930-3.960/litre for diesel.

“We encourage officials at the Bank of Ghana to continue working hard to stabilize and possibly strengthen the currency to forestall any further fuel price increases whiles reminding government of the need to also urgently review the high taxes and levies on fuel products across the country.”