The Chamber of Petroleum Consumers, Ghana (COPEC), has raised red flags over fuel price hikes despite assurances by the National Petroleum Authority (NPA) of fairly stable prices for January, 2018.
“Fuel prices that used to trade at GHS4.490/litre for both petrol and diesel have seen an increase to GHS 4.670, a difference of about 18p or some 4.008% increases,” a statement signed and released on Friday, 5 January, by COPEC Executive Secretary Duncan Amoah indicated.
NPA announced that the prices of Petrol and Liquefied Petroleum Gas (LPG) will remain unchanged at the pumps from 1 January 2018.
NPA explained in a statement that the steady prices are “in line with a drop in crude and petroleum prices on the world market, as well as stability in the exchange rate.”
The NPA further noted that it has “activated the Price Stabilisation and Recovery Levy to stem potential upward adjustment in the price of diesel.”
Concerning the latest development, COPEC has reiterated “calls on the government to take a second look at the current price build-up as we believe these increases will continue for a very long time if nothing is done about the pricing template and the numerous taxes”.
Below is the full statement:
CHAMBER OF PETROLEUM CONSUMERS-GHANA
4% FUEL PRICE INCREASES
PRICES CURRENTLY GOING UP AT THE PUMPS
Contrary to an earlier notice on January 1, 2018 by the National Petroleum Authority, indicating some interventions to keep fuel prices stable at the pumps through the month of January, we can confirm that fuel prices across some pumps have been adjusted by as much as 4%, today the 4th day of January.
Fuel prices that used to trade at Ghc4.490/litre for both petrol and diesel have seen an increase to 4.670 a difference of about 18p or some 4.008% increases.
Our roving team continues to keep an eye on the development as well as increases across the other pumps.
These increases coming on the back of an earlier threat by the GPRTU on its intended transport fare increases will certainly put a lot of pressure of the consuming and commuting public.
We reiterate our calls on the government to take a second look at the current price build up as we believe these increases will continue for a very long time if nothing is done about the pricing template and the numerous taxes.
Signed: Duncan Amoah, Executive Secretary, Copec Ghana