Chamber of Petroleum Consumers demands 7% decrease in fuel prices
The Chamber of Petroleum Consumers Ghana (COPECGH) is demanding a seven per cent decrease in fuel prices at the pump when the bi-weekly petroleum deregulation policy comes into effect at midnight.
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COPECGH believes that the prices must be reduced because the past two weeks has seen the cost of a barrel of crude oil on the world market fall from $49 a barrel to the current levels of $44.75 a barrel which represents a 10.2 percent drop.
A statement issued Thursday and signed by COPECGH Executive Secretary, Duncan Amoah said the significant drop in world crude oil prices coupled with some stability of the cedi must reflect at the pumps in the next pricing window.
COPECGH reiterated their calls for absolute fairness to the Ghanaian consumer under the current deregulation programme which allows the petroleum service providers to set their own prices but reflect true and fair positions as far as world market prices and other contributing variables are concerned.
The statement said, "The current pricing window which expires at midnight today has seen some oil marketing companies reduce pump prices by about 2%. The past two weeks has seen world market indexes drop from the $49/barrel to the current levels of $44.75/barrel representing some 10.2%, this is not only significant substantial and must be immediately reflected on pump prices.
"The cedi has within the same period recorded some stability though losing marginally against the dollar to trade at 3.94. These two indexes definitely have a higher bearing on pump prices and must reflect at the pumps in the next pricing window without the usual delay when prices have had to go down at the pumps".
The statement warned some petroleum service providers who are slow in implementing the reduction in pump prices to comply swiftly with the deregulation programme.
"We take cognizance of the fact some petroleum service providers continue to drag their feet whenever prices have had to go down though same have acted swiftly and decisively whenever the reverse is the case.
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"For the avoidance of doubt, the pricing window starts on the 15th of the month and not 5 or 7 days thereafter and must be seen to be working especially at such times when we the consumers in Ghana expect to get some relief at the pumps".
COPECGH also commended the National Petroleum Authority (NPA) for their swift response to a potentially catastrophic situation at a service station in Manhyia, Kumasi.