Fuel price cuts not enough for consumers — COPEC
The Chamber of Petroleum Consumers (COPEC) has criticised the latest fuel price cuts at the pump, describing them as inadequate and unreflective of prevailing market dynamics.
According to COPEC, the marginal price drops do not align with the recent strengthening of the Ghana cedi and favourable global oil market trends, which should have translated into more significant relief for consumers.
Executive Secretary of COPEC, Duncan Amoah, told the press that despite the reductions, several Oil Marketing Companies (OMCs) are still retailing petrol at prices exceeding GH¢12 per litre — a level he says is difficult to justify based on current ex-refinery prices and Ghana’s fuel tax structure.
“The reduction that has been passed for the first pricing window of June is good but woefully inadequate. Some OMCs continue to sell at over GH¢12 when, based on Bulk Distribution Company (BDC) rates, cumulative taxes, and margins, prices could reasonably be closer to GH¢11.70 or lower,” Mr. Amoah noted.
Fuel prices at the start of June have dropped modestly across some major retailers. State-owned GOIL is currently selling petrol at GH¢12.52 per litre and diesel at GH¢12.98, down from GH¢13.27 and GH¢13.87 respectively during the second pricing window in May. Star Oil, a prominent independent marketer, is offering petrol at GH¢11.77 and diesel at GH¢12.49 — some of the lowest on the market.
Despite these reductions, COPEC maintains that consumers are not getting the full benefit of improved market conditions, pointing to possible inefficiencies or profiteering along the supply chain.
“The numbers show that there’s room for further reductions. With the cedi stabilising and global prices relatively favourable, the current levels still place an unnecessary burden on consumers,” Mr. Amoah added.
Industry observers expect more OMCs to review their prices downward in the coming days as market pressure mounts and forex gains are consolidated. COPEC has reiterated its call for increased transparency in the pricing mechanisms used by OMCs and regulatory oversight to ensure fair pricing for fuel consumers.
