CHAMBER OF PETROLEUM CONSUMERS GHANA DEMAND 7% DECREASE IN PUMP PRICES

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 regulations under the price deregulation programme is set to kickstart 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 substantial and must be immediately reflected on 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 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 National Petroleum Authority on their swift response when we drew their attention to a potentially catastrophic situation at a service station in manhyia, ksi. and 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 accross 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 )