COPEC shames OMCs that are refusing to Fuel Prices
Consumers, particularly transport operators and commercial motorbike riders, have voiced their dissatisfaction. “We rely heavily on fuel in Ghana
- Advertisement -
Fuel consumers across Ghana are expressing growing frustration over the failure of Oil Marketing Companies (OMCs) to fully implement the expected reductions in fuel prices, despite a clear drop in global benchmarks. The Chamber of Petroleum Consumers (COPEC) has raised concerns that many OMCs are not passing on the full benefits of the reductions, leaving consumers struggling with high costs.
According to COPEC, petrol, diesel, and liquefied petroleum gas (LPG) prices were supposed to decrease by 4.5%, 3.8%, and 3.9%, respectively, by March 16, 2025. However, the reductions observed so far have been significantly lower, with some consumers seeing only a 1% decrease at the pump.
- Advertisement -
Duncan Amoah, Executive Secretary of COPEC, criticized the inconsistent pricing approach by OMCs, arguing that they are quick to increase prices when global rates surge but hesitant to reduce them when costs decline. “This is a worrying trend that defeats the purpose of deregulation. The highest reduction recorded so far is just 2.2%, whereas consumers should have seen cuts between 3% and 7%,” Amoah stated.
- Advertisement -
Consumers, particularly transport operators and commercial motorbike riders, have voiced their dissatisfaction. “We rely heavily on fuel in Ghana. The reductions promised are not reflected at the pumps, and it’s affecting our businesses,” one Okada rider lamented. A motorist echoed similar sentiments: “They said we would get at least a 4% reduction, but the prices have barely changed. It makes no real difference.”
- Advertisement -
With widespread public dissatisfaction, calls for regulatory authorities to step in and enforce compliance are growing louder. COPEC has urged the National Petroleum Authority (NPA) to hold OMCs accountable and ensure that the full price reductions take effect without further delay.
As fuel prices continue to impact daily economic activities, consumers are demanding transparency and fairness in pricing, calling on both regulators and OMCs to act in their best interest.
Source: GhanaNewsOnline
- Advertisement -
