• The Chamber believes government must review price to avert a price build-up
• Price of petroleum products increased marginally on October 1, 2021
The Chamber of Petroleum Consumers (COPEC) has charged the government to implement stringent measures to avert a possible price increment in petroleum products.
Beginning October 1 2021, prices of fuel at various pumps increased marginally with major oil marketing companies selling at GH¢6.50 for petrol and diesel.
But the Executive Secretary of COPEC, Duncan Amoah, believes that should the current trend continue, fuel prices at major pumps may reach GH¢7 per litre if measures are not in place to cushion a price build-up.
“Fuel is now threatening to get to almost GH¢7 a litre. Currently, some major firms are trading at over GH¢6.50 and so any other increases that may come in subsequent days or weeks may push the price per litre to GH¢7. That is woeful”, Duncan Amoah told Citi Business News.
In addition to averting a price build-up of fuel, COPEC called on the government to implement a review in petroleum products.
This, Duncan Amoah, says will ease the burden already placed on the average Ghanaian from the taxes introduced.
“The government projection for 2021 is $57.8 per barrel for our crude exports. Crude has hit above 80 as we speak. So, in the plus and minus game, the government is even making far more than it had projected within its budget.”
“Yet the taxes that we enforced on the trotro driver at 46pesewas when crude was 30 dollars, we are still collecting it today when crude has gone up by more than an additional 50 dollars. This is bad and the earlier finance minister and authorities decide to sit and look at the tax structure on our fuel prices, the better it will be for all of us,” Amoah explained.
Meanwhile, the increase in petroleum products has been attributed to prices on the international market and the impact of the coronavirus pandemic on oil demand production.
At the present, oil price on the international market is selling at around 80 dollars a barrel following an earlier 50 dollars per barrel at the beginning of this year.
Demand for oil has currently peaked globally as a result of the easing of COVID-19 restrictions and the rollout of coronavirus vaccinations programmes.
File photo a fuel pump