The Chamber of Petroleum Consumers (COPEC) has described as disappointing the paltry percentage drop in the prices of petroleum products by the Oil Marketing Companies (OMCs) in the second pricing window which started yesterday.
Majority of the pumps, as of yesterday, had dropped their prices by just about 5.13 per cent on the average as against the decline of not less than a 10 per cent reduction.
For instance, the price per litre of petrol has dropped from GH¢5.38 to GH¢5.10 while that of diesel has gone down from GH¢5.40 to GH¢5.11.
This represents a cumulative drop of GHp28p per litre or 5.13 per cent reduction for the second pricing window in the month of March.
The Executive Secretary of COPEC, Mr Duncan Amoah, told the Daily Graphic that: “Ideally prices should have gone down
by 10 per cent or some GHp56 per litre to reflect international market movements over the past four weeks.”
“Crude has declined further from $36 per barrel to around $28 per barrel currently since the last major reductions of some cumulative 31 per cent overnight around March 8.” he said.
Mr Amoah said: “It is disappointing to say the least that markets since January 2020 have not reflected even 10 per cent of reductions although global price movements have gone down by over 31 per cent within the same period; the cedi has also gained in excess of five per cent within the period to close trading at GH¢5.38 to a dollar from the previous $5.85 to a dollar.
It is our expectation that fuel prices will be reduced further by the oil Marketing companies and the Bulk oil Distribution Companies (BDCs) to reflect world market trends or figures”.