The Chamber of Petroleum Consumers (COPEC) has slammed the recent drop in fuel prices at the pumps, calling the reductions “woefully inadequate” for consumers.
According to COPEC, the adjustments fail to reflect current market trends and the stability of the Ghana cedi. Executive Secretary Duncan Amoah told Citi Business News that fuel prices could have been reduced further.
“The reduction for the first pricing window of June is good, but woeful,” Amoah said. “As of Friday, Bulk Distribution Companies (BDCs) were selling petrol at around GH¢8 per litre and diesel between GH¢8.50 and GH¢9.
If you add cumulative taxes of GH¢3.27 and OMC margins of 40–50 pesewas per litre, retail prices should be around GH¢11.70. Yet, some OMCs are still selling above GH¢12. That points to a clear challenge.”
Retail fuel prices have started to decline with the start of the June pricing window. State-owned GOIL has adjusted its rates, selling petrol at GH¢12.52 and diesel at GH¢12.98 per litre, down from GH¢13.27 and GH¢13.87 respectively in the previous window.
Star Oil also cut prices, now offering petrol at GH¢11.77 and diesel at GH¢12.49.
The ongoing reductions are largely attributed to the recent appreciation of the cedi, which has eased import costs. More oil marketing companies are expected to revise their prices in the coming days, spurred by increased market competition and forex stability.
