COPECGH Fuel prices up by 11%

Fuel prices have been up between 8-11% effective October 16, 2016

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The Chamber of Petroleum Consumers Ghana (COPEC-GH) has indicated fuel prices across the country have increased to 11 percent.

A statement from the Chamber of Petroleum Consumers Ghana (COPECGH) said, “Diesel prices have seen an increase of between 8-11% on current ex pump prices while petrol prices have seen between 3-5% across most BDCs and OMCs though the figures are yet to reflect directly at the various pumps.”

The statement  dated October 17, 2016 and signed by Duncan Amoah, the Chamber’s Executive Secretary attributed the "current prices to sharp increases on the world market prices as the cedi has been relatively stable over the past two weeks.”

Read more: Fuel prices up by 8%

Below is the full statement:

The second pricing window for the month of October 2016 under the national petroleum authority interim regulations for price deregulation programme, commenced yesterday the 16th day of the month.

Our checks across the various Bulk Oil Distribution Companies and Oil Marketing Companies (OMCS) indicate some upward adjustments in pump prices of both petrol or Pms and diesel or Ago.

Diesel prices have seen an increase of between 8-11% on current ex pump prices whiles petrol prices have seen between 3-5% across most BDCs and OMCs though the figures are yet to reflect directly at the various pumps.

More here: Fuel prices expected to go up by 7 to 13%

The current increases are largely attributed to the sharp increases on the world market prices as the cedi has been relatively stable over the past two weeks.

We once again remind the government on the urgent need to review and reduce the levels of taxes on petroleum products as it has done for both aviation fuel and marine gas oil products recently. The pending OPEC meeting on the 2nd of November to among other things firm up decisions on levels of cuts for individual members serves a great deal of worry and concern to consumers in Ghana as any further increases on the world market prices only impacts directly on local pump prices.

See also: NPA revises national sulphur levels for imported diesel

We also implore the national petroleum authority (NPA) to immediately halt the arbitrary fines without any verification process on the various oil marketing companies. The issue of petroleum products marketing scheme and it's enforcement as it is currently, leaves a lot to be desired and simply gives room for arbitrariness on the part of the regulator, an urgent review of the workings of the ppms has become necessary due to the manner in which its being implemented against the various omcs currently.

Lastly we reiterate our call on the Ghana standards authority (GSA) to review the most recent review it carried out after the public outrage on the dirty diesel research, Ghanaians cannot continue to suffer 17000 infections annually due to our poor standards only for a review to further accept another poor grade using the Tema oil refinery as a shield. Ghanaians demand nothing than the cleaner 10ppm products and not the 500ppm as is being considered currently for 2017.

Signed

Duncan Duncan Amoah 
Executive Secretary 
Chamber Of Petroleum Consumers Ghana 
(COPECGH)

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