GOIL To Lose GH¢90M Monthly Over Fuel Price Reduction – COPEC

The Chamber of Petroleum Consumers (COPEC) is worried that the directive to GOIL to reduce fuel prices could cost GH¢ 90 million every month.

He said the move is not a sustainable solution.

Speaking in an interview, monitored by cmonline.com.gh, the Executive Secretary of COPEC, Duncan Amoah, said the directive was “very problematic” because of the possible effects on GOIL.

Government had directed GOIL to reduce its fuel prices by 15-pesewas to bring respite to drivers who embarked on a sit-down strike on Monday.

“What the directive means to a company like GOIL is a shaving off of GH¢ 90 million in one month if you look at GOIL’s volumes of around 60 million litres monthly.”

“GOIL is listed as a listed entity with other ordinary Ghanaians as shareholders… We think the approach and how it has been done so far can only create problems for all of us downstream,” Mr. Amoah said.

As a more sustainable alternative for better fuel pricing for consumers, Mr. Amoah said “a long-term measure would mean that we should situate the taxes within the context of international market prices.”

He also said the Government should be more sensitive and “not continue loading taxes onto fuel prices.”

The drivers were demanding a GH¢1.5 reduction in fuel prices.

Fuel prices in 2021 started at about GH¢5 per litre and are now threatening to cross the GH¢ 7 mark.

There are seven taxes on fuel which amount to GH¢1.9.


SOURCE: Nii Otu Dadeban Ankrah