Deal with fuel prices hikes – COPEC to government
The Chamber of Petroleum Consumers-Ghana (COPEC) has asked the government to institute measures to prevent further hikes in fuel prices.
COPEC has indicated that it foresees another increment in the coming days, owing to global happenings, which directly affects prices at the pump, and by extension transport fares.
Oil prices on the world market have increased from $60 dollars in March this year to $73 dollars per barrel this month.
As a result, there was a 3% hike in fuel prices which moved the price of petrol at some pumps from GH₵ 6.05 to GH₵ 6.23 per litter over the weekend.
The Executive Secretary of COPEC, Duncan Amoah, said, “Everything that happens on the global stage now directly impacts the pump.”
According to him, it was not good enough for the government to allow continuous increment in fuel prices, affecting consumers badly.
He insisted that “The system needs to be fixed immediately.”
He further noted, “As we speak, those buying from the increased OMP are paying as much as 81 pesewas per gallon aside from the prices they already complained were too high. This is what the new increases mean.”
He was speaking in an interview with Citi FM, monitored by The Ghana Report on Monday, June 21.
Meanwhile, the Association of Oil Marketing Companies (AOMC) has justified the 3% increment in fuel prices.
During a media interaction on Monday, June 21, the Chairman of the Board of Governors of the AOMC, Henry Akwaboah, explained that the increment was because of continuing fuel price increments on the world market.
He added that the current exchange rate level between the cedi and the dollar had also contributed to the upward adjustment in fuel prices.
“Prices on the world market having been going up for the last month, but Oil Marketing Companies (OMCs) have maintained their prices all this while. But we have gotten to the point where it is no longer feasible for us to continue to absorb these costs,” he said.
“We appeal to the consuming public to bear with us, we wish we could continue to absorb the costs but, these are difficult times and at this stage it is very difficult to do that, so they need to bear with us,” he implored.
However, he assured the public that they would get value for money when they go to purchase fuel at the pumps.
Earlier this year, the Minority in Parliament raised concern over the increment in fuel prices, which started in the February window.
The Minority spokesperson on Energy John Jinapor believed that the increases in the prices of petroleum products showed that the government was being insensitive to the plight of Ghanaians.
He explained that the increment would worsen the living conditions of Ghanaians.