Petrol prices to go up Thursday; group vows to resist increment


Prices of petroleum products are set to go up by at least two per cent by Thursday, the Chamber of Petroleum Consumers Ghana has revealed.

The increment is in line with the second pricing window for the month of June.

A statement issued and signed by the Executive Secretary of the Chamber, Duncan Amoah, said the chamber finds the latest move as very unfortunate and totally unnecessary.

He said although world market prices continue to remain volatile, there had not been any significant increases to warrant the increase in fuel prices in the country on Thursday.

“We find this latest move very worrying and will advise the various petroleum service providers to shelve any such increment attempt as it will amount to complete and needless fleecing of the Ghanaian consumer,” the statement said.

“We will protest any form of increment by the Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) want to introduce on Thursday,” Duncan told Onua FM in an interview.

“We are also taking this opportunity to remind government of the urgent need to ensure the downward revision of the levels of taxes on petroleum products in the country,” he said.

Meanwhile, the chamber wants government to “put in place a dual pricing mechanism which will serve to minimize the effects of world market prices adversely affecting local pump prices and the deregulation programme altogether.”

Ahead of the submission of a complimentary budget to parliament, Duncan called on government to ensure that “most if not all of the petroleum taxes in the 2015 Energy Sector Levy Act be reviewed downwards or removed completely.”

“We want to remind government that its own projected and budgeted $53/barrel for 2016 fiscal year from jubilee exports and revenue realization is close to a reality as prices hover around $50/barrel currently and could soon hit the budgeted figure,” he said.

“We continue to monitor prices and will not hesitate to advise ourselves accordingly in due time if all consultations and negotiations with government and the OMCs remain unheeded,” he said.

 Nii Okai Tetteh||Ghana
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