Fuel Price to be reduced on Monday ~ COPEC

The Chamber of Petroleum Consumers (COPEC) has announced that fuel prices are likely to be reduced by Monday, November 14, 2022.

There has been a recent hike in fuel prices, including diesel and petrol.

Amoah stated that the rise is due to the increase in taxes on petrol to around 422% within the year.

He noted that the National Petroleum Authority (NPA) should not be blamed for the increase in prices; instead, he believes it is due to mismanagement by the government.

He, therefore, wants the government to minimise the increase in petroleum taxes, saying it may lead to loss of jobs in the petroleum sector.

Meanwhile, the Public Relations Officer of the National Petroleum Authority (NPA), Mohammed Abdul-Kudus, is of the opinion that the increment in prices should be blamed on the cedi depreciation and not taxes.

According to him, deregulation of the fuel prices distorts the communication between the Authority and Oil Marketing Companies (OMCs) when some companies’ prices are different.

“Another thing that has not helped us to a large extent has been the instability of our currency.

Abdul-Kudus believes there would not be changes in prices even when the government subsidises the prices of products.