Oil Marketing Companies tell stakeholders to stop interfering in fuel price movement

This comes after the Chief Executive of the National Petroleum Authority (NPA), Hassan Tampuli said that they were anticipating a 15% drop in the prices of fuel at the pump due to a drop in global crude prices by about 30%.

The NPA was established by an Act of Parliament (NPA Act 2005, ACT 691) to regulate the petroleum downstream industry in Ghana.

The regulator ensures that the petroleum industry is efficient, profitable, fair, and also gives consumers value for money.

Civil Society groups like the Chamber of Petroleum Consumers (COPEC) and the Institute of Energy (IES), also made separate calls and predictions for fuel price reductions.

The CEO of the Association of Oil Marketing Companies, Kwaku Agyeman Duah, said the members will only implement decisions that will make them stay competitive.

“When it is going up, we will also go up; but when it was going up last year, we were not able to go to the magnitude of the increment. We were always coming down. It was about 2% or 3% short of what the percentage is because again the drivers of competition also come in, and the fact that people are looking at the consumer. When it is going up you need to also get the money to go and buy the same quantum; and if they are going down and we were to price properly, there will not be any need for that,” he told Accra-based Citi FM.

Meanwhile, fuel prices started dropping at the pumps on Monday (March 16, 2020) between 5% and 7%.

However, COPEC said it expects the percentage of reduction to go down further among the OMCs.