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The Chamber of Petroleum Consumers Ghana (COPECGH) has expressed its displeasure over the reluctance of oil companies to reduce the prices of petroleum products and has called on government and relevant authorities to make sure fuel prices are reduced at the pumps.

In a press statement signed by the Executive Secretary of COPECGH, which was released on Thursday July 14, the chamber indicated that there was a reduction in the price of crude oil on the world market. Further, the Ghanaian cedi had remained stable for a considerable period.

Hence, the second fuel pricing window for the month of July 2016, under the National Petroleum Authority’s price deregulation programme, which begins on July 15, should reflect world market indices by a 7 per cent reduction at the pumps.

“The past two weeks has seen world market indexes drop from the $49/barrel to the current levels of $44.75/barrel, representing some 10.2%; this is not only significant but substantial and must be immediately reflected in pump prices,” the press release stressed.

The statement further indicated: “For the avoidance of doubt, the pricing window starts on the 15th of the month and not five or seven days thereafter, and must be seen to be working especially at such times when we the consumers in Ghana expect to get some relief at the pumps.”

The Chamber has also called on the National Petroleum Authority (NPA) to ensure that fairness prevails as oil companies are quick to increase prices when market indexes go up but refuse to reduce prices and world market indexes decrease.

Below is the full statement:

CHAMBER OF PETROLEUM CONSUMERS GHANA

DEMAND FOR 7% DECREASES IN PUMP PRICES

14/07/16

The current pricing window which expires at midnight today has seen some oil marketing companies reduce pump prices by about 2%.

The second fuel pricing window for the month of July 2016, under the National Petroleum Authority (NPA) regulations under the price deregulation programme is set to kick start in the next couple of hours.

The past two weeks has seen world market indexes drop from the $49/barrel to the current levels of $44.75/barrel representing some 10.2%, this is not only significant but substantial and must be immediately reflected in pump prices.

The cedi has within the same period recorded some stability though losing marginally against the dollar to trade at 3.94.

These two indexes definitely have a higher bearing on pump prices and must reflect at the pumps in the next pricing window without the usual delay when prices have had to go down at the pumps.

We take cognizance of the fact that some petroleum service providers continue to drag their feet whenever prices have had to go down though same have acted swiftly and decisively whenever the reverse is the case.

For the avoidance of doubt, the pricing window starts on the 15th of the month and not 5 or 7 days thereafter and must be seen to be working especially at such times when we the consumers in Ghana expect to get some relief at the pumps.

We commend the NPA on their swift response when we drew their attention to a potentially catastrophic situation at a service station in Manhyia, Kumasi. We will urge the application of stricter compliance to standards and safety of all Ghanaians at all service stations at all times.

We further draw the attention of the NPA also on the need to reinforce fair pricing compliance by these petroleum service providers as some clearly are not charging according to their own maximum indicative prices across the country.

We forcefully reiterate our calls for absolute fairness to the Ghanaian consumer under the current deregulation programme which allows the petroleum service providers to set their own prices but nonetheless must reflect true and fair positions as far as world market prices and other contributing variables are concerned.

Signed
Duncan Amoah
Executive Secretary
Chamber Of Petroleum Consumers Ghana
(COPECGH )