Business News of Sunday, 17 January 2021
Source: www.ghanaweb.live
2021-01-17Find solutions to stop disturbing fuel price hikes – COPEC to government
COPEC reports that fuel prices have shot up to GH
The Chamber of Petroleum Consumers (COPEC) has called for government to find solutions to stop the increase in fuel prices.
Citing the recent surge in price of the fuel at the pump, the Chamber indicated that authorities “do have a responsibility to the Ghanaian people to put in measures to forestall these harsh increases as it affects every facet of
Read full articleour national lives and the economy as a whole.”
According to COPEC, within a space of one month fuel prices have spiked from ¢4.670 to ¢5.10 per litre.
In a statement signed by Executive Secretary Duncan Amoah and sighted by GhanaWeb, the Chamber projected that the outlook of the country’s fuel pricing is expected to further rise.
It also noted that it had pre-empted this predicament and hence advised government to put in decisive national planning, action and policies to curb it but it appears the pressures from the elections had caused their suggestions to not be implemented.
“We ordinarily would have expected some taxes on the petroleum price build-up to be eased down at this point to accommodate these increases but that will also not suffice to look at the differentials and the fact government itself is also hard-pressed for revenue.
“Whiles admitting times are pretty tough, we also demand that authorities do not go to sleep but take concrete steps to plan for Ghanaians as far as fuel prices are concerned in order not to be caught flank footed anytime international price dynamics head south,” parts of the statement read.
“Fuel prices that averaged Ghc 4.670/litre barely a month ago at the pumps is currently selling at an average of Ghc 5.10/litre at some pumps, representing a marginal variance of 43p/litre or 9%. This further translates to Ghc 1.93/ gallon,’ it added.
Read the full statement from COPEC below:
CHECK THESE DISTURBING FUEL PRICE INCREASES
EFFECTS OF COVID STILL DIRE ON GHANAIANS.
Ghanaians have once again been slapped with another fuel price increase a few hours ago following from two earlier increases within a spate of one month.
Fuel prices that averaged Ghc 4.670/litre barely a month ago at the pumps is currently selling at an average of Ghc 5.10/litre at some pumps, representing a marginal variance of 43p/litre or 9%. This further translates to Ghc 1.93/ gallon.
Whiles these increases though marginal, cannot be directly attributed to a deliberate governmental action, as the triggers for these increases have been largely attributable to international market price increases and the cedi’s depreciation, it is our belief that authorities do have a responsibility to the Ghanaian people to put in measures to forestall these harsh increases as it affects every facet of our national lives and the economy as a whole.
Outlook for the first quarter of the year certainly looks tough as prices are expected to continue rising, we at Copec had preempted this as far back as October 2020 and called for decisive national planning, action and policies from our authorities in ensuring these expected increases of prices on the international market is planned for using strategic state entities like TOR and BOST to ensure there’s adequate stock to manage, during these periods of sustained increases but the heat of our elections didn’t possibly allow for effective planning as we are currently left with little options than to pass on these increases at the pumps though the economic effects of Covid-19 continue to remain dire on Ghanaians.
We ordinarily would have expected some taxes on the petroleum price build-up to be eased down at this point to accommodate these increases but that will also not suffice to look at the differentials and the fact government itself is also hard-pressed for revenue.
Whiles admitting times are pretty tough, we also demand that authorities do not go to sleep but take concrete steps to plan for Ghanaians as far as fuel prices are concerned in order not to be caught flank footed anytime international price dynamics head south.
Ghana as an oil-producing Nation and a net exporter cannot continue to act as though it is in a hopeless position when it comes to managing fuel prices for its citizens like other oil-producing countries do for their people.
A clear, effective, national petroleum price sustainability programme ought to be initiated immediately in order to control these increases as the era of waiting for prices from the international market following from geopolitical developments cannot and should not be allowed to continue to work against the unsuspecting Ghanaian.
It is our hope also that no additional petroleum taxes is being contemplated as we are hearing from certain quarters, any such insensitive additional petroleum taxes to add to the suffering masses at this point will not only be fiercely resisted but will also be rejected outrightly with all and every available tool at our disposal.
Lastly, we call on Ghanaian Authorities to review the protocols on sitting arrangements in public transportation systems as the second wave of Covid-19 is known to be spreading very fast currently with existing medical facilities getting overstretched by the minute.
Signed.
Duncan Amoah
Executive Secretary.
