Consumers demand 7% reduction in petrol prices


The Chamber of Petroleum Consumers is demanding a seven per cent decrease in prices of petroleum products at the various pumps across the country from Friday.

According to the group, the stability of the Ghanaian cedi and the continuous drop in the crude oil prices on the world market which now stands at 44.75 dollars per a barrel, warrants a reduction in fuel prices in the country.

The first review window for the month of July which saw a two percent reduction in prices of petroleum products at the pumps ends on Thursday midnight.

Oil Marketing Companies [OMCs] are thus expected to announce new prices from Friday, July 15 for the second window under the price deregulation programme.

But ahead of the announcement, the Chamber is asking the OMCs to reduce the prices by seven per cent arguing that the about 10.2 per cent  in crude prices “is not only significant substantial and must be immediately reflected on pump prices.

“We take cognizance of the fact some petroleum service providers continue to drag their feet whenever prices have had to go down though same have acted swiftly and decisively whenever the reverse is the case,” a statement signed by its Executive Secretary, Duncan Amoah said.

It has urged the National Petroleum Authority to reinforce “fair pricing compliance” by petroleum service providers, noting some of them are not charging according to the maximum indicative prices across the country.

“We forcefully reiterate our calls for absolute fairness to the Ghanaian consumer under the current deregulation programme which allows the petroleum service providers to set their own prices but nonetheless, must reflect true and fair positions as far as world market prices and other contributing variables are concerned,” the statement said.


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