Fuel Price Increase: consumers shouldn’t pay for the Cedi’s poor performance-COPEC

    /    Mar 11, 2017   /     Business  /    0 Comments  /    367 Views

The Chamber for Petroleum Consumers (COPEC) has expressed displeasure over fuel price increases in the country, describing the trend as ‘rather worrying’.

The Chamber says Ghana is dropping as it has moved from USD0.94 per liter to USD0.87 on the  Global Petroleum Pricing Index.

The obviously worried Executive Director for COPEC, Duncan Amoah indicates, “If you look at the  increases that have been recorded within the short period, we are doing about 19.68 percent within the short period and one would be asking if pockets in Ghana are that inelastic to afford any increases at all, what ever the justification is the consumer sometimes cannot be perturbed.”

“If the Cedi is performing badly do I have to be the one paying for the Cedi’s poor performance?” He questioned.

Mr. Amoah argues that the “Cedi has dragged all of us to a point where instead of dropping, we are rather adding to pump prices so today from about 15 Cedis 30 Pesewas, some three months ago, most pumps are dispensing around 20 Cedis per gallon.”

He is therefore asking authorities to fix the issues with the currency, saying once the Cedi is stable, it will reflect on the pricing of fuel which will in turn give the consumer some breathing space.

Source: Suraya Alidu Malititi | kapital971.com

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