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Fuel prices could reach 10 GHC per litre next year – COPEC

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The Chamber of Petroleum Consumers (COPEC) Ghana has expressed its disappointment in government for refusing to address the concerns of sections of Ghanaians about the continuous rise in fuel prices. COPEC expected government to through the 2022 Economic Policy and Budget Statement review the taxes on petroleum products to help stay the prices of the products at the pumps.

The Research, Price and Monitoring Officer at COPEC, Sampson Addae sent a caution that if the situation is not addressed, Ghanaians could be buying fuel for between 40 and 45 GHC [9-10 GHC per litre] next year, should prices of crude oil on the world market reach 100 USD per barrel.

Mr. Addae said all is not lost and encouraged the Ministry of Energy to consider taking steps to review some taxes on petroleum products to help reduce the general prices at the pumps. He said this when he spoke to A1 Radio at Bolgatanga in the Upper East Region.

“We were actually sad when after reading the budget, government did not propose measures to make sure that the rampant increase in fuel prices is checked. Even though it is not in the budget, the Energy Ministry can propose something and give it to government because the trend may continue. If by next year, international prices reach 100 or 120 USD per barrel, it means that we are getting 40 or 45 GHC per gallon in Ghana,” he said.

Mr. Addae laughed off comments from the National Petroleum Authority (NPA) that the removal of the taxes will affect the quality of fuel sold in Ghana. Citing the Fuel Marker Margin as an example, Mr. Addae said the fuel marker only adds colour to the fuel but has no proven effect on quality. He suggested again that government should consider removing the Sanitation Levy, Special Petroleum Tax, the Fuel Margin and other taxes to help stabilize the prices of fuel at the pump.

While commending government for suspending the Price Stabilisation and Recovery Levies (PSRL), Mr. Addae said it does not do anything to reduce prices of fuel at the pumps.

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

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