Fuel prices go up by 4% despite NPA’s assurances – COPEC

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The Chamber of Petroleum Consumers, Ghana (COPEC), has raised concern with the latest increase in fuel prices despite the National Petroleum Authority’s (NPA) assurances that prices would remain fairly stable for the month of January.

In a statement, COPEC said it checks had revealed that there has been a 4 percent increase in fuel prices at some pumps.

“Fuel prices that used to trade at GHc4.490/litre for both petrol and diesel, have seen an increase to GHc 4.670, a difference of about 18p or some 4.008% increases,” COPEC said.

The Chamber called on the government to take a second look at the current price build up as it believes “these increases will continue for a very long time if nothing is done about the pricing template and the numerous taxes.”

“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 on the consuming and commuting public,” it added.

Activation of stabilization levy

At the end of 2017, the NPA announced that prices of petrol and Liquefied Petroleum Gas (LPG) would remain fairly stable at the pumps from January 1.

The Authority added that, it had activated the Price Stabilization and Recovery Levy to prevent the potential increase in the price of diesel.

Before this, the NPA had directed all Oil Marketing Companies and LPG Marketing Companies to use revised prices in the Price Stabilization and Recovery Levy Act to control recent price increases in petroleum products.

This followed a directive from the Ministry of Energy following fluctuations in the prices of petroleum products due to strong political and economic influence from oil-producing countries across the world.

Find below the Chamber’s 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

Source: Citifm Online

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