The Chamber of Petroleum Consumers (COPEC) has described governmentâ€™s decision to reduce margin price build-up of petroleum products by a total of 15 pesewas per litre as insensitive and disappointing.
Reacting to the development after the Finance Minister Ken Ofori-Atta announced a raft of measures to cushion Ghanaians against the impact of the rising price of petroleum products at the pump, executive director of COPEC, Duncan Amoah described the development as unfortunate.
â€œA total of 15 pesewas reduction in the crazy fuel price levels is to say the least very unfortunate and insensitiveâ€¦ Margins have been reduced but heâ€™s holding on to all his taxes?? woooowww,â€ he posted on Facebook.
â€œI am afraid but this finance [minister] is completely detached from the harsh realities of the people1.5 percent reduction in fuel prices that have jumped to above 10 cedis per litre?? This is very disappointing.â€
â€œYou threw away 25 billion in a banking sector clean up yet cannot give Ghanaians only 2 billion in petroleum reliefs,â€ he added.
Petrol to go down by 1.6%, diesel by 1.4% on 1 April
The government has reduced the margin price build-up of petroleum products by a total of 15 pesewas per litre with effect from 1 April 2022, Ken Ofori-Atta, the Minister for Finance, has said.
The measure will run for the next three months.
Addressing the country on steps being taken to curb Ghanaâ€™s economic challenges, Ofori-Atta said, â€œTo mitigate the impact of the rising price of petroleum products at the pump, for the next three months, government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1 April.â€
Ofori-Atta said the reductions in margins are expected to reduce the price of petrol by 1.6% and that of diesel by 1.4%.
â€œWe anticipate that the measures taken to strengthen the currency will help further stabilise the prices at the pump,â€ he added.
He said the National Petroleum Authority (NPA) is in discussion with the oil marketing companies (OMCs) to reduce their margins, in the spirit of burden-sharing.
â€œThe government will do all it can to ensure consistent supply of fuel and manage the rate of ex-pump price increase by ensuring that BoG [the Bank of Ghana] has access to adequate foreign exchange,â€ Ofori-Atta said.
- BOST margin down by 2 pesewas per litre
- Unified Petroleum Pricing Fund (UPPF) margin down by 9 pesewas per litre
- Fuel Marking Margin (FMM) down by 1 pesewa per litre
- Primary Distribution Margin (PDM) down by 3 pesewas per litre