The Chamber of Petroleum Consumers (COPEC) is concerned that the direction to GOIL to cut fuel prices would cost it GH9 million each month, arguing that this is not a long-term solution.
Duncan Amoah, Executive Secretary of COPEC, told Eyewitness News that the decision was “extremely troublesome” because of the potential consequences for GOIL.
The government has asked GOIL to decrease its fuel rates by 15 pesewas in order to provide relief to drivers who went on strike on Monday.
“What the directive means to a company like GOIL is a shaving off of GH¢ 9 million in one month if you look at GOIL’s volumes of around 60 million litres monthly.”
“GOIL is listed and as a listed entity with other ordinary Ghanaians as shareholders… We think the approach and how it has been done so far can only create problems for all of us downstream,” Mr. Amoah said.
Mr. Amoah said that “a long-term measure would mean that we should situate the taxes within the context of international market prices” as a more sustainable alternative for better fuel pricing for consumers.
He also said that the government should be more responsive and “not loading taxes onto of fuel prices.”
The drivers demanded a GH1.5 decrease in fuel costs.
Fuel prices in 2021 began at GH5 per liter and are currently threatening to exceed GH7.
Fuel is subject to seven taxes totaling GH1.9.
Read Also: GOIL’s 15p fuel reduction is insufficient; other OMCs must participate – Commercial drivers
SOURCE: CITINEWS
