The Chamber of Petroleum Consumers Ghana (COPEC) has advised the government to employ strategic measures to lessen the impact of the rise in petroleum prices on consumers.
Speaking to Accra-based Citi FM, the Executive Secretary of COPEC, Duncan Amoah, criticised the efforts of the government in dealing with the consistent increment in fuel prices.
According to him, the price per litre of fuel is likely to hit GH¢8.00 by March this year, thus government must sit up.
“In real terms, fuel price increases these days happen to be one of the very things pushing the economy to the brink. The year began with fuel price at GH¢6.6. Unfortunately, we now have some OMCs selling at GH¢7.50. It’s our estimation that probably by the end of March if international price trends continue to move as it is doing currently, we would be crossing the GH¢8.00 mark,” Mr Amoah stated.
Following a re-introduction of the Price Stabilisation and Energy Recovery Levy (PSRL) by the National Petroleum Authority (NPA), fuel prices across various pumps in the country, have seen marginal increments. The situation, according to drivers and owners of private vehicles, will deepen the hardship they’re already experiencing.
Reacting to the recent increment on Tuesday, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Mr Amoah, told JoyNews that the reintroduction of the Price Stabilisation and Recovery Levies (PSRL) by the National Petroleum Authority (NPA), is an insensitive decision.
According to him, the NPA’s decision will affect consumers, and pose economic difficulties for them.
“What it means in simple terms is that your fuel prices will go up by that margin: 16 pesewas for petrol, 14 pesewas for diesel, 14 pesewas for LPG. We think this is very insensitive and badly timed. Insensitive to the extent that, you have for the first time in 28 years, where crude prices have crossed 90 dollars. Mostly in January, crude prices decelerate or decline.
“You see prices drop around this time, because of [trading] between Russia and Ukraine, and also undersupply by the OPEC block, there’s a lot of pressure on crude. Prices are going up already. We complain a lot. The driver unions complain a lot. Following which the President of the Republic gave a directive that the Stabilisation and Recovery Levy, one of the levies that we had all requested to be reduced, should be zeroed. The thinking would have been that we would wait for prices to ease a bit,” he stated.
Meanwhile, the Coalition of Transport Operators has disclosed that starting from Monday, February 7, transport fares will be increased by 30%.