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Fuel prices to go up 2%; COPEC unhappy

COPEC, however believes the increase will be unwarranted, given that current international prices have not increased significantly

total fuelThe Chamber of Petroleum Consumers- COPEC says, based on information from Oil Marketing Companies, fuel prices will see a 2% increase on Thursday.

COPEC, however believes the increase will be unwarranted, given that current international prices have not increased significantly.

In a statement issued by COPEC and copied to Pulse Business, the Chamber is particularly worried by the move and have cautioned Oil Marketing Companies to desist from effecting any increase, as it will be a share rip-off to consumers.

READ MORE:Pulse Business Wrap Fuel prices to go up 3%

The imminent increase in fuel prices is in line with the two week-window price assessment under the full petroleum downstream deregulation policy where Oil Marketing Companies are allowed to review their prices on a bi-weekly basis.

Duncan Amoah who signed the letter also used the opportunity to urge government to remove some of the taxes on the downstream petroleum sector.

“We further use this opportunity to also remind government of the urgent need to ensure the downward revision of the levels of taxes on petroleum products in the country. We also maintain our call on government to put in place a dual pricing mechanism which will serve to minimize the effects of world market prices adversely affecting local pump prices and the deregulation programme altogether,” the executive secretary of the Chamber Duncan Amoah said in the statement.

“We further remind government that its own projected and budgeted $53/barrel for 2016 fiscal year from jubilee exports and revenue realization is close to a reality as prices hover around $50/barrel currently and could soon hit the budgeted figure, hence the need to ensure most if not all of the petroleum taxes in the 2015 energy sector levies Act be reviewed or removed completely.

“We continue to monitor prices and will not hesitate to advise ourselves accordingly in due time if all consultations and negotiations remain unheeded,” the statement added.

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