Executive Secretary of Chamber of Petroleum Consumers (COPEC), Mr. Duncan Amoah has welcomed the reduction of fuel prices by 8 pesewas per litre. According to him, the swift decision by the Minister for Energy to exact the change is worth commending.

Mr. Amoah’s comment follows a convened meeting by the Minister for Energy with some stakeholders on the increase in fuel prices.

“We had requested that he exercised his authority in calling the NPA to order by reviewing some of the margins that the NPA has slapped on fuel prices. The Minister has listened to all sides and what I can confirm is that he has decided as the Minister for Energy to review these margins down by as much as 8 pesewas. For that, we at COPEC can only say thank you for listening and for the prompt and appropriate action he’s taken so far”.

Additionally, he indicated that the reduced of 8 pesewas corresponds to a litre of fuel purchased. With this, Mr. Amoah expects the new directive from the Energy Minister to take effective immediately.

“He’s reviewed those margins down. What I can confirm is that, the NPA has added three pesewas to UPPF, the Minister shot it down to two. They had added 5 pesewas to fuel marking margin he [Energy Minister] shot that down by three and BOST margin, he shot it down by at least 2 pesewas on there. He also shot the PDM margin by a pesewa further.

“So, in all, he’s given some 8 pesewas relief to us on fuel prices. This relief will take effect immediately but most likely will reflect at the pump tomorrow”.

COPEC hopeful of better negotiations

Mr. Amoah concerted to the fact that the reduction may not help alleviate the plight of drivers and operators. That notwithstanding, he intimated that the drop in fuel prices for now is worth celebrating.

“It won’t do as much as we would have wished. We were hoping he would scrap everything completely but then there’s also other compelling argument where some of these margins will have to go up. It might not be as much, but for significance, he has done something.

“I’m sure in the coming days, public pressure and public discussion and agitation could also help. Even the presidency or the authority [might] look at the fuel pricing properly and see how best we can reduce in significant numbers some of these price indicators.

“But as it is, the whole deregulation policy if you listen to the minister today, will also be scrutinized in the coming days. Wherever there are excesses I’m sure the Minister will do the needful like he has done today”.

OMCs adjust fuel prices upward

Earlier, the Chief Executive of the Association of Oil Marketing Companies, Kweku Agyeman Duah, revealed that members had no other alternative than to comply with increased fuel prices.

According to him, these are “genuine tax and levy measures introduced by government that comes into full force”.

“For us as collectors, we need to make sure that we collect fully for the state, so we price accordingly.

“There are some portions of the levies or taxes which should be approved by government and there are some margins too you don’t need parliamentary approval and that’s managed by the NPA. They [NPA] looked at it and did it themselves”.

“All that we have to do is to be able to collect the appropriate levies for the state, because if you don’t do it…you have to pay for it yourself and you know our margin; our margin is very small”.
Kweku Agyeman Duah