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Fuel prices could hit 7.3ghc before end of year – COPEC

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The Chamber of Petroleum Consumers (COPEC) Ghana has predicted that fuel prices at the pumps may hit 7.3 Ghana-Cedis before the end of the year. A Research and Monitoring Officer at COPEC Sampson Addae said fuel prices will continue to rise if government refuses to pay attention to viable alternatives as presented by COPEC and other energy experts.

He made these comments when he spoke to the Host of A1 Radio’s Day Break Upper East Show, Samuel Mbura. “If government does not heed to our advice and the alternatives that we have given it, then, we should expect two increments before Christmas. [Fuel prices may hit] between 7-7.3 Ghana-cedis before the end of the year,” he said.

Mr. Addae said it is rather unfortunate that government and the National Petroleum Authority (NPA) continue to blame the increase in prices of fuel at the pumps on global prices. He said government should consider removing some taxes on petroleum products to help stabilize prices explaining that “if you look at the price build-up, 40-45 percent is made up of taxes which were introduced by this government and if government is sensitive to the plight of Ghanaians, it has to review some of the taxes down”.

Mr. Addae also encouraged government to quickly address the issues facing the Tema Oil Refinery (TOR). He explained that this will serve as a more permanent solution to the continuous rise in the prices of fuel. “If TOR works, these rampant issues that we are having will reduce. We do not refine oil in this country, once we take it from others, we now have to go and pay it in [US] dollars rather than cedis and it is also something that is helping the dollar to be stronger to the cedi,” he explained.

A1Radioonline.com|101.1MHz| Mark Kwasi Ahumah Smith|Ghana

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