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Deregulation Policy Reduce fuel prices by 5% - COPECGH

In a statement signed by t executive secretary Duncan Amoah on Monday, COPECGH said prices at the pump has so far not "reflected prevailing figures both on the international markets and the cedi dollar exchange.

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The Chamber Of Petroleum Consumers Ghana said it "high hopes" that the deregulation programme will be "applied fairly to all and sundry" is gradually "eroding." play

The Chamber Of Petroleum Consumers Ghana said it "high hopes" that the deregulation programme will be "applied fairly to all and sundry" is gradually "eroding."

The Chamber Of Petroleum Consumers Ghana ( COPECGH ) has renewed it calls for the government to reduce petroleum prices to correspond with development on the international crude oil market.

READ MORE: Calls for immediate reduction in transport fares

In a statement signed by its executive secretary Duncan Amoah on Monday, COPECGH said prices at the pump has so far not "reflected prevailing figures both on the international markets and the cedi dollar exchange, though same have contributed immensely in no small way in the past when pump prices have gone up,  the phenomenon where periods for reductions seem to go unheeded is becoming increasingly worrying."

"Contrary to expectations for fairness under deregulation which dictates prices to reflect current trends and market dynamics, the Ghanaian downstream and pumps have remained quite insensitive to movement of indexes on the world market and the cedi's performance over the past four pricing windows or two months," the statement added.

It said prices on the world markets over the past 4 windows have gone down by over 17.164% from previous levels of $50.22/barrel to the current indexes of $41.60/barrel but the local pumps have till date adjusted by less than 5% cumulative across most omcs.

The cedi over the same period has lost marginally around 1.78% to close trading at 3.96/1$, it stands to reason therefore, that given a standard variance of 5% cumulative the Ghanaian petroleum consumer could have gotten at least 11-12% reductions at the pumps but we have so far recorded below 5% net reductions over same period, the statement explained.

The Chamber Of Petroleum Consumers Ghana said it "high hopes" that the deregulation programme will be "applied fairly to all and sundry" is gradually "eroding."

READ MORE:COPECGH calls for fuel reduction

The statement also called on the "various bulk distribution companies and oil marketing companies to reduce fuel prices by at least 5% to ensure the right things are done in a deregulated market where the cardinal principle of fairness is protected as is the case the world over."

COPECGH further advised Ghanaians to patronize the "few oil marketing companies who have demonstrated price sensitivity over the period as its the only way those charging higher currently will begin to appreciate the need to give value for money in petroleum prices."

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