COPEC calls on Akufo-Addo to initiate price of fuel to mitigate its hikes

COPEC calls on Akufo-Addo to initiate price of fuel to mitigate its hikes

COPEC calls on Akufo-Addo to initiate price of fuel to mitigate its hikes

THE Chamber of Petroleum Consumers-Ghana (COPEC) has urged the government to immediately initiate a “clear and effective” national petroleum price sustainability programme to mitigate the increasing prices of fuel.

According to the Chamber, the era of waiting for fuel prices from the international market, which continue to change due to geopolitical developments, should not be allowed to affect the unsuspecting Ghanaian.

This was contained in a statement issued in Accra yesterday, by Duncan Amoah, COPEC Executive Secretary, following fuel increase yesterday which comes after two earlier increases within a spate of one month

It said fuel prices that averaged Ghc 4.670 per litre almost  a month ago at the pumps was now selling at an average of Ghc 5.10 per litre at some pumps, representing a marginal variance of 43p/litre or nine  per cent and  translating to Ghc 1.93/ gallon.

“While these increases, though marginal, cannot be directly attributed to a deliberate governmental action, as the triggers for these increases have been largely attributable to international market price increases and the cedi’s depreciation, it is our belief that authorities do have a responsibility to the Ghanaian people to put in measures to forestall these harsh increases as it affects every facet of our national lives and the economy as a whole”, it said.

The statement advised the government against any intention to introduce additional petroleum taxes, noting that “any such insensitive additional petroleum taxes to add to the suffering masses at this point will not only be fiercely resisted but will also be rejected outrightly with all and every available tool at our disposal.”

It said COPEC preempted the increases of prices on the international market as far back as October 2020 and called for a decisive national planning, action and policies from authorities to forestall the situation but little was done about it.

State entities like Tema Oil Refinery and Bulk Oil Storage and Transportation Company Limited (BOST), it said, could have been made to ensure there was adequate stock of fuel to manage, during these periods of sustained increases.

“While admitting that  times are pretty tough, we also demand that authorities do not go to sleep but take concrete steps to plan for Ghanaians as far as fuel prices are concerned in order not to be caught flat-footed anytime international price dynamics head south.

“Ghana as an oil producing Nation and a net exporter cannot continue to act as though it is in a hopeless position when it comes to managing fuel prices for its citizens like other oil producing countries do for their people”, it said.


Written by Joyceline Natally Cudjoe

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