COPEC calls for review of deregulation policy amid fuel price increment

Research Analyst at the Chamber of Petroleum Consumers (COPEC), Benjamin Nsiah has rehashed the need for government to go back to regulating petroleum prices instead of using the deregulation policy.

The government, in June 2015 put in place a deregulation policy that had the expectation of allowing marketers and importers of petroleum products to set directly their own prices based on import parity costs, taxes, and margins.

Benjamin is, however, of the view that this policy is causing more harm than good. He thus told Sefah-Danquah on e.TV Ghana’s ‘Fact Sheet’ show: “I think COPEC has been making the call for the prices of petroleum products to be regulated. And that call must be answered now since prices are surging so that the local petroleum consumer can benefit. In the sense that if you look at the price build up the petroleum consumer pays 2.43 pesewas on a litre of petrol and 2.41 pesewas on a litre of diesel to government and government agencies.”

Benjamin added that besides reviewing the deregulation policy, the government must also scrap some taxes from the prices of petroleum so that “the consumer will benefit at the end of the day”.

Last month, COPEC warned that Ghanaians should expect further increases in fuel prices in the coming weeks.

The Executive Secretary of the Chamber of Petroleum Consumers, COPEC, Duncan Amoah in an interview with the media said this was a result of an increase in world crude prices.