Saturday, June 25, 2022

COPEC Calls for Dialogue On Pricing Formula, Following Another Fuel Price Increase.

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The Chamber of Petroleum Consumers (COPEC) is calling for a national dialogue on the pricing formula for petroleum products.

This comes after a two percent fuel price increase which took effect on Saturday. COPEC in a statement in Accra, signed by its Executive Secretary Duncan Amoah said the price increase cannot continue as it only worsens the plight and hardships of the ordinary Ghanaian.

Above all, it impacts negatively on economic activities within the country. The statement said the increment means a gallon of petrol sold for 21 cedis 825 pesewas has shot up to 22 cedis 275 pesewas, with a variance above two percent.

With marginal increases on world market prices over the past two weeks, most of the major importers have attributed the latest hikes to the bad performance of the local currency- the Cedi.  COPEC believes the current trend cannot and should not be allowed to continue.

It believes the national dialogue will create a platform for review of the current pricing formula.

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