The Chamber of Petroleum Consumers (COPEC) has urged the government to closely monitor fuel pricing to ensure stability and prevent excessive hikes that could burden consumers.
Duncan Amoah, Executive Secretary of COPEC, raised concerns over the frequent price fluctuations, noting that three consecutive fuel price increases at the start of the year were only recently followed by a reduction in the second pricing window of February.
The latest drop in fuel prices has been attributed to declining global crude oil prices and other market factors.
However, Amoah emphasized the need for proactive measures to mitigate sharp increases in the future, given the direct impact of fuel costs on transportation fares, inflation, and overall economic activity.
“If anybody will be able to function within the economic space, fuel will play a very vital role. So for us, whatever importance a government attaches to fuel, it attaches to its economic indexes. We think this government would have to focus a lot on fuel pricing because the moment that goes up, transport operators will demand their pound of flesh,” Amoah said in an interview with Citi Business News.
He further noted that rising fuel costs often trigger inflationary effects, affecting businesses and households alike.
“The market women will start reducing balls of kenkey. Everything will start getting smaller and smaller simply because fuel prices have gone higher. This has a natural effect on the economy, and the government must pay close attention to fuel pricing moving forward,” he added.
Amoah also stressed the need for decisive action to curb the depreciation of the Cedi, which often offsets global fuel price reductions and limits the impact of price decreases at the pumps.
For the first time this year, fuel prices dropped in February’s second pricing window. Total Energies reduced petrol and diesel prices to GHȼ15.99 per litre, down from GHȼ16.15. Similarly, Shell adjusted its diesel price from GHȼ16.09 to GHȼ15.99 per litre, while petrol prices fell from GHȼ16.23 to GHȼ15.89 per litre.
COPEC advocates for policies that ensure fuel price stability, warning that unchecked fluctuations could have widespread economic consequences.
