The Chamber of Petroleum Consumers (COPEC) has accused Oil Marketing Companies (OMCs) of deliberately shortchanging consumers by failing to implement the full extent of expected fuel price reductions.
According to COPEC, petrol, diesel, and liquefied petroleum gas (LPG) prices were projected to drop by 4.5%, 3.8%, and 3.9%, respectively, by March 16, 2025. However, while some OMCs have made minor adjustments, many have not met the expected reductions, keeping prices higher than necessary.
COPEC’s Executive Secretary, Duncan Amoah, criticized the OMCs for undermining the deregulation programme.
“This is a worrying trend that defeats the purpose of deregulation. When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favour reductions, they delay. The highest reduction we have recorded so far is only 2.2%, whereas consumers should have seen cuts between 3% and 7%. As of now, that has not happened,” he stated.
He called on regulators to ensure that OMCs comply fully with the expected price cuts to prevent undue hardship on consumers.
Some road users have also voiced their frustration over the slow pace of price reductions.
“They are supposed to reduce prices further because we rely heavily on fuel in Ghana, especially those of us who use Okadas [commercial motorbikes],” one rider complained.
Another motorist added, “They promised a 4% reduction, but at the pump, it’s only 1%, which makes little difference. We don’t feel the impact.”
COPEC continues to monitor the situation, urging authorities to enforce fair pricing practices in the petroleum sector.
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