COPEC discredits fuel price increase report

The Chamber of Petroleum Consumers(COPEC) has discredited reports that fuel prices will go up this week.
The Institute of Energy Security (IES) predicted a 3 percent increase in fuel prices for the 2nd pricing window.

Checks by Citi business News also indicates that fuel prices at Total and Shell fuel pumps have gone up as at yesterday.

Total, which was previously selling at 4 cedis 13 pesewas for petrol has seen a 4.6%increase, now selling at 4cedis 32pesewas.

Diesel has also increased by 4.7% from the previous 4 cedis 80 pesewas to 4 cedis 27 pesewas.
Shell has increased some of its products selling petrol at 4 cedis, 32 pesewas, and diesel at 4cedis, 27 pesewas.
However, Goil is yet to increase its prices.

Petrol is selling at 4 cedis, 14 pesewas and diesel is also still selling at 4 cedis, 9 pesewas.
Speaking to Citi Business News, the Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah said it is not likely there will be a price increase within the 2nd pricing window.

“It doesn’t contradict in fact like I have indicated out of 87 OMCs if two decide to increase their fuel prices what happens to the 85? I don’t think if you did ratio and proportion it will be justified. In the deregulated market some can decide to go up but generally, four clear days into the pricing window prices across pumps have remained stable and we expect it to remain so because there will not be any justification by anybody’s imagination to increase fuel prices for whatever is it worth,” he argued.

“We think that for this window, per the index left on the world market of fuel prices, as far as the ex-refinery price has gone up there cannot be any justification at all. What so ever for any further increases as others are indicating and that is exactly what we stand by,” he added.

Source: Citi business news