Fuel prices to go up by 9% – COPEC

• Posted on January 6, 2017January 6, 2017
• by Nana Kwesi Coomson
• Comment

Consumers of petroleum products should brace themselves to pay more at the pumps as the Chamber of Petroleum Consumers (COPEC) suggests increment in fuel prices. According to COPEC, the increase would be between 9 and 12 percent, a situation the chamber describes as worrying.

COPEC is therefore calling on government and other stakeholders to revise the regulation policy that allowed for some leverage in fuel pricing in the country. Executive secretary of COPEC Duncan Amoah says the current increases in fuel prices, defeats the purpose of the deregulation process, and needs to be revised “When you look at what is happening now you are forced to ask whether the deregulation system is serving Ghanaians the purpose for which it was established.

I think it’s high time we sit and do a thorough assessment of the whole deregulation system, because for now, it doesn’t look sustainable”, he emphasized. He believes the incoming Nana Akufo-Addo led-administration, should do a lot more work in the petroleum sector.

 “The incoming government will have to address a lot of issues in the petroleum sector. It should do a little more in the area of petroleum prices, taxes and other reviews”, he mentioned.

By Grace Asare

By Grace Asare