Fuel prices to go up on Thursday

• Posted on June 15, 2016
• by Nana Kwesi Coomson
• Comment

The Chamber of Petroleum Consumers, Ghana has forecast a 2% fuel price adjustment beginning Thursday.

According to the Chamber, the move is “very unfortunate and totally unnecessary considering the fact world market prices though currently volatile has not seen any significant increases to warrant any such relative increases on local pump prices, the exchange differentials have also neither seen any significant changes to warrant any such increases.”

“We find this latest moves very worrying and will advise the various petroleum service providers to shelve any such moves as it will amount to complete and needless fleecing of the Ghanaian consumer.

“We further use this opportunity to also remind government of the urgent need to ensure the downward revision of the levels of taxes on petroleum products in the country. We also maintain our call on 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,” the executive secretary of the Chamber Duncan Amoah said in a statement.

“We further 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, hence the need to ensure most if not all of the petroleum taxes in the 2015 energy sector levies Act be reviewed or removed completely.

“We continue to monitor prices and will not hesitate to advise ourselves accordingly in due time if all consultations and negotiations remain unheeded,” the statement added.

-starrfmonline