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Chamber of Petroleum Consumers Fuel prices to go up by 5% to 10%

The Chamber of Petroleum Consumers has in a press statement noted that prices of petroleum products will go by five to 10 percent effective May 1.

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The Chamber of Petroleum Consumers Ghana has said fuel prices on the local market is set to go up by between 5-10% effective first May.

In a press statement copied to Pulse.com.gh and signed by its  executive secretary Duncan Amoah, the Chamber said: “This pending and previous increments reinforces our persistent calls on government to ensure it puts in place a dual petroleum pricing policy which allows same to waive or reduce the levels of taxes on petroleum when world market prices increases.”

The statement further urged government to ensure some stability in prices using tax cuts in order to “forestall the tendency to wipe out all the gains and positives of the price deregulation programme altogether.”

Amoah also called on political leaders of the various political parties to state their petroleum management positions on both downstream and upstream operations to the benefit of the average Ghanaian.

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The deregulation policy has been roundly condemned by some civil groups and citizens.

Campaign Coordinator of ISODEC, Dr. Steve Manteaw, described the policy as a farce that benefits only government and not the people.

“What we have here in the name of deregulation is actually a parody of deregulation. That is to say so far as we have been on this trajectory, all the benefits that have accrued from deregulation have accrued to government,” he said on Citi FM.

“They are always changing the goal post and they say they are deregulating; but in actual fact, by imposing taxes they are regulating the price level,” he added.

The deregulation policy allows Oil Marketing Companies (OMCs) to fix their own prices, in an attempt to introduce competition to the ultimate benefit and protection of the consumer

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