The Chamber of Petroleum Consumers (COPEC) has criticized Oil Marketing Companies (OMCs) for failing to pass on the full extent of expected fuel price reductions to consumers.
COPEC claimed that the OMCs are deliberately maintaining artificially high prices despite a decline in global fuel costs, a move the organization says undermines the country’s deregulation policy.
COPEC had projected that petrol, diesel, and liquefied petroleum gas (LPG) prices would drop by 4.5%, 3.8%, and 3.9%, respectively, by March 16, 2025.
However, according to COPEC’s Executive Secretary, Duncan Amoah, the reductions recorded at the pumps have fallen short of these expectations.
“This is a worrying trend that defeats the purpose of deregulation.
“When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favor reductions, they delay.”
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
According to him, the highest reduction recorded so far has been only 2.2%, far below the expected 3% to 7% range. “As of now, consumers have not received the relief they deserve,” he emphasized.
COPEC argued that the OMCs are manipulating the pricing system to maximize profits at the expense of the Ghanaian public.
Mr. Amoah stressed that the government’s deregulation policy was designed to ensure fairness in fuel pricing. However, the OMCs’ reluctance to fully implement price cuts is leading to unjustified fuel costs for consumers.
He urged regulators such as the National Petroleum Authority (NPA) to take immediate action.
“We expect the regulators to intervene and ensure compliance with the expected price reductions to prevent undue hardship on consumers.”
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC)
Fuel prices in Ghana directly affect transportation costs, which in turn influence the prices of goods and services. When fuel prices remain artificially high, it leads to an overall increase in the cost of living.
COPEC warned that if OMCs continue this trend, Ghanaian consumers will continue to bear an unnecessary financial burden.
The organization called for transparency in fuel pricing, urging OMCs to provide clear justifications for any delays in implementing price reductions.
Regulatory Action Needed
Consumer advocacy groups and economic analysts have joined COPEC in calling for stricter enforcement measures from regulators.
Many believe that the National Petroleum Authority (NPA) must strengthen its oversight to ensure that OMCs operate within the framework of the deregulation policy.
Some analysts suggest that a more transparent pricing mechanism should be introduced to allow consumers to track global price changes and compare them with local fuel prices.
Meanwhile, COPEC insists that failure to enforce price reductions will erode public confidence in Ghana’s fuel pricing system.
The controversy over fuel price reductions highlights a broader concern about market transparency and consumer protection in Ghana’s petroleum sector.
While the deregulation policy aims to create a competitive fuel market, the reluctance of OMCs to fully implement price cuts raises questions about its effectiveness.
As fuel remains a crucial commodity for economic activities in Ghana, COPEC and road users continue to demand fair pricing, urging the government and regulators to act swiftly to ensure that consumers receive the relief they deserve.
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