The Chamber of Petroleum Consumers-Ghana (COPEC) has called on government to review what it calls some nuisance and needless fuel taxes recently introduced.
The Chamber in a statement raised concerns over an almost 1 per cent increase in fuel prices across most of the major Oil Marketing Companies (OMCs) since last Friday.
Executive Secretary of the Chamber, Duncan Amoah, said average pump prices have seen an increase of 5 pesewas for both petrol and diesel.
The statement also adds that the recent fast depreciation of the cedi from 5.53 cedis to about 5.7 cedis is largely responsible for the increase in prices.
The Statement says that the depreciation of the cedi if left unchecked will certainly see prices going up again and even higher in the second window of this month.
The Chamber said there is simply no guarantee per the current auction module for any of the fuel importers, as the net effect of the cedi’s depreciation continues to be directly impacting on the trading numbers that eventually reflect in pump prices.
It is the expectation of COPEC that the Monetary Policy Committee will work very hard to control the fast depreciating currency to avoid any needless fuel price increases at a time when most petroleum consumers are already complaining of harsh fuel prices across pumps within the country.
