The Chamber of Petroleum Consumers (COPEC) has criticised the recent reductions in fuel prices at the pumps, describing them as inadequate and unreflective of current market conditions.
According to COPEC, prevailing global oil prices, coupled with the recent appreciation of the Ghana cedi, should have resulted in more substantial relief for consumers.
COPEC’s Executive Secretary, Duncan Amoah, said the marginal drop in prices highlights deeper inefficiencies in the downstream petroleum sector.
“The reduction in pump prices for the first pricing window in June is welcome but deeply insufficient, as of last Friday, Bulk Distribution Companies (BDCs) were selling petrol at around GH¢8 per litre and diesel between GH¢8.50 and GH¢9.
“When you add cumulative taxes of GH¢3.27 and an Oil Marketing Company (OMC) margin of 40–50 pesewas, retail prices should not exceed GH¢11.70 per litre. Yet, some stations are still selling above GH¢12. This points to clear inefficiencies or lack of transparency in pricing,” Mr Amoah stated.
Pump prices have started to fall slightly as the new pricing window takes effect. State-owned GOIL has reduced prices to GH¢12.52 per litre for petrol and GH¢12.98 for diesel, down from GH¢13.27 and GH¢13.87 respectively in the second pricing window of May.
Private operator Star Oil is currently offering petrol at GH¢11.77 per litre and diesel at GH¢12.49.
The recent appreciation of the cedi, which has strengthened significantly against the US dollar, is credited for easing import costs and driving the modest reductions.
Industry watchers expect more Oil Marketing Companies to adjust prices downward in response to increased competition and continued currency stability.
However, COPEC maintains that current reductions fall short of what consumers deserve.
