Explore new strategic measures to lessen impact of hike in fuel prices – COPEC urge gov’t
The Chamber of Petroleum Consumers Ghana (COPEC) has urged government to explore different strategic measures to lessen the impact of the rise in petroleum prices on consumers.
Speaking to Accra-based Citi FM, the Executive Secretary of COPEC, Duncan Amoah, criticised the way government is dealing with the consistent increment in fuel prices.
He noted that, the price per litre of fuel is likely to hit GH¢8.00 by March this year, thus government must sit up.
“In real terms, fuel price increases these days happen to be one of the very things pushing the economy to the brink. The year began with fuel price at GH¢6.6. Unfortunately, we now have some OMCs selling at GH¢7.50. It’s our estimation that probably by the end of March, if international price trends continue to move as it is doing currently, we would be crossing the GH¢8.00 mark,” Duncan Amoah stated.
Following the re-introduction of the Price Stabilisation and Energy Recovery Levy (PSRL) by the National Petroleum Authority (NPA), fuel prices across various pumps in the country have seen marginal increments. The situation, according to drivers and owners of private vehicles, will deepen the hardship they’re already experiencing.
Reacting to the recent increment on Tuesday, Mr Amoah noted the reintroduction of the Price Stabilisation and Recovery Levies (PSRL) by the National Petroleum Authority (NPA) is an insensitive decision.
Read: Transport fares to go up by 30% starting February 7
According to him, the NPA’s decision will affect consumers and pose economic difficulties for them.
“What it means in simple terms is that your fuel prices will go up by that margin. 16 pesewas for petrol, 14 pesewas for diesel, 14 pesewas for LPG. We think this is very insensitive and badly timed. Insensitive to the extent that, you have for the first time in 28 years, where crude prices have crossed 90 dollars. Mostly in January, crude prices decelerate or decline.
“You see prices drop around this time, because of [trading] between Russia and Ukraine, and also undersupply by the OPEC block, there’s a lot of pressure on crude. Prices are going up already. We complain a lot. The driver unions complain a lot. Following which the President of the Republic gave a directive that the Stabilisation and Recovery Levy, one of the levies that we had all requested to be reduced, should be zeroed. The thinking would have been that we would wait for prices to ease a bit,” he stated.
Meanwhile, the Coalition of Transport Operators have disclosed that starting Monday, February 7, 2022, transport fares will be increased by 30%.
Speaking in an interview, the Public Relations Officer of the Concerned Drivers Association, David Agboado, hinted that passengers should expect an upward adjustment in transport fares starting Monday, after a meeting with the Sector Minister, Kwaku Ofori Asiamah.
“On Thursday, we met at TUC, GPRTU headquarters, and we have decided to increase the transport fares by 30%. The measures we used to reach this decision are; the current increase in fuel prices, increase in the price of items we use, government charges amongst others. That is what we are going to charge after seeing the Minister on Monday”.
The decision to increase fuel prices follows a meeting between some 16 transport unions on Thursday, February 3, 2022. The meeting was to discuss the recent increment in fuel prices and the accompanying impact on commercial transport operators.
