The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction with the recent reductions in fuel prices at the pumps, describing them as insufficient and not reflective of current market dynamics.
According to COPEC, the combination of declining global oil prices and the recent appreciation of the Ghana cedi should have translated into more significant relief for consumers.
Executive Secretary of COPEC, Duncan Amoah, said the marginal drop in prices underscores persistent inefficiencies in Ghana’s downstream petroleum sector.
“The reduction in pump prices for the first pricing window in June is welcome but deeply insufficient,” he said.
“As of last Friday, Bulk Distribution Companies (BDCs) were selling petrol at around GH¢8 per litre and diesel between GH¢8.50 and GH¢9. When you add cumulative taxes of GH¢3.27 and an Oil Marketing Company (OMC) margin of 40–50 pesewas, retail prices should not exceed GH¢11.70 per litre. Yet, some pumps still sell above GH¢12.”
Fuel prices have seen marginal drops as the June pricing window takes effect. State-owned GOIL has reduced petrol to GH¢12.52 per litre and diesel to GH¢12.98, down from GH¢13.27 and GH¢13.87 respectively in the second pricing window of May. Private operator Star Oil is offering petrol at GH¢11.77 and diesel at GH¢12.49 per litre.
However, the recent appreciation of the Ghana cedi against the US dollar is credited for reducing import costs, helping trigger the modest price cuts.
Industry observers expect more Oil Marketing Companies to follow suit amid intensified competition and continued currency stability.
Nonetheless, COPEC insists the current reductions are not enough and calls for greater transparency and efficiency in the pricing structure to ensure fairer outcomes for consumers.
