Home   >   Business   >   Business News   >   201507
New Fuel Price 'Daylight Robbery'   
  << Prev  |  Next >>
Comments ( 0 )     Email    Print
Related Stories
Energy policy think-tank, African Center for Energy Policy (ACEP) has described as “daylight robbery” new fuel prices announced by Oil Marketing Companies (OMCs).

According to him, the OMCs have formed a cartel to short change Ghanaians in spite of the significant reduction of oil prices on the world market.

Executive Director of ACEP, Mohammed Amin Adams said this on Asempa FM’s Ekosii Sen programme Friday.

Fuel prices have gone down at the pump between 10-15 percent following significant appreciation of the Ghana cedi against the dollar.

Per government's deregulation policy, the OMCs are free to set their individual prices within a formula provided by the Bulk Oil Distribution companies to the National Petroleum Authority.

Per the new prices, petrol is being sold between Ghs15.00 to Ghs16.00, down from the Ghs18.00 it was sold at prior to the reduction but this has generated a lot of controversy because many consumers say they are not benefitting from the decrease.

Mr. Amin Adams is laying the blame at the doorstep of the National Petroleum Authority (NPA).

In his view, companies like Total and Allied Oil should have reduced their prices by 17% instead of 11% and 13% respectively. State-owned company Goil should have gone down further by 18% and not 14%, he insists.

The ACEP boss insists the NPA is sleeping on the job as regulators of the OMCs and the Bulk Oil Distribution companies, and warned that ACEP will seek legal redress if the NPA does not wake up to its responsibilities.

He advised consumers to be more assertive and charge authorities to do the right thing.
Source: adomonline.com

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video