OMCs sacrificing a lot to keep fuel price below GH¢7 – Kwaku Agyemang-Duah

Fuel prices have been increased by some pesewas

Goil reviews price from GH¢6.90 to GH¢6.84

OMCs to sell petrol at GH¢7.5 and diesel at GH¢7.4%, Kwaku Agyemang-Duah

Chief Executive Officer of the Association of Oil Marketing Companies (OMCs), Kwaku Agyemang-Duah, has noted that his outfit is sacrificing a lot to keep fuel prices below GH¢7 per litre.


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Speaking on Citi Breakfast show on Tuesday, November 22, Mr Agyemang-Duah said ideally, the price of petroleum products - petrol and diesel - are to be sold at GH¢7.5 and GH¢7.47 respectively at various pumps but OMCs are selling their products below GH¢7.

He said, “If you look at our projections if we are going with our 100% marketers margin and dealers margin, we should be selling for about GH¢7.5 for petrol and diesel GH¢ 7.4%. As we speak, a lot of them don’t have their full blow margins on it. They have really reduced their margin.”

Earlier this week, Goil and other OMCs pegged the prices of petrol and diesel at GH¢6.90 per litre.

But Goil reviewed its price on Tuesday, November 23, 2021. The petroleum products are now selling at GH¢6.84.

Reacting to this, Mr Agyemang-Duah said Goil is sacrificing its marketers’ margin for consumers to be less burdened.

But he noted that, should this continue for a long time, the Oil Marketing Company will run at a loss.

“What it means is that Goil may be losing their marketers’ margin. If this goes on for a long time, Goil will be losing heavily… Anybody who is below GH¢7 is really sacrificing heavily,” the CEO of Oil Marketing Association said.

He noted that prices of fuel can only be reduced if taxes on petroleum products are equally reduced.

Meanwhile, the Institute for Energy Security (IES) has said fuel prices are likely to hit GHC7.0 litres or more by the end of the year.