The Chamber of Petroleum Consumers Ghana (COPECGH) has called on oil marketing companies (OMCs) across the country to stop cheating the public and reduce fuel prices at the pumps in accordance with the petroleum deregulation rules.
In a press release dated July 19 signed by Executive Secretary Duncan Amoah, the group said: “The phenomenon where consumers continue to be shortchanged when the time comes for reductions in pump prices is clearly becoming institutionalised and must be checked forthwith”.
The second pricing window under the price deregulation programme of the National Petroleum Authority (NPA) for the month of July 2016 commenced on the 16th of July 2016.
The Chamber expressed its displeasure with the OMCs because “three clear days after the pricing window, pump prices remain largely unchanged from the previous pricing window figures, at a time when world market prices have seen a slump from $49/barrel to the current $44/barrel region”.
“The very same Oil Marketing Companies have left no stone unturned, in the past, when the opportunity comes for increases, but demonstrate reluctance and unwillingness when prices have to go down under the deregulation programme”.
The statement indicated that “petroleum consumers in Ghana expect prices to go down to commensurate movements on the world markets.” It added that the various oil marketing companies (OMCS), with the exception of a few who have adjusted downwards by a few points, “have turned a deaf ear to doing the needful as far as reducing pump prices is concerned and are still charging very high prices at the pumps”.
By the analyses of the chamber, world market indices continue to hover around $45/barrel as of July 19, representing over 7% since the last decreases in the early part of the month when the world market indices were traded around $49/ barrel.
The group is, therefore, demanding that the various oil marketing companies respect the rights of consumers. The chamber is also calling for urgency in reducing prices at the pumps so as to restore the confidence of consumers in the deregulation programme.