Fuel prices to go up by 2%


The Chamber of Petroleum Consumers has indicated that fuel prices are likely to increase during the second pricing window for the month of June.

According to the chamber information and figures it has gathered from industry players suggest that prices are likely to be adjusted upwards by some 2 percent on current pump prices.

In a statement signed by the Executive Secretary of the Chamber Duncan Amoah it described the latest indications as unfortunate and unwarranted especially since world prices have not seen any significant increases.

“The chamber finds the latest moves 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.”

It also warned that a further increase will “amount to complete and needless fleecing of the Ghanaian consumer.”

The Chamber’s statement instead urged government to ensure the downward revision of taxes on petroleum products while noting that a dual pricing mechanism would limit the effects of world market prices on local pump prices.

“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.”