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COPEC unhappy about incessant increase in fuel prices

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The Chamber of Petroleum Consumers (COPEC) is advocating a review of the price stabilization and recovery levy to forestall further increases in petroleum products.

A statement signed by the Executive Secretary, Duncan Amoah, said fuel pumps over the past 2 months have seen about 4 different spots of increases of about 9 percent cumulative variance and it is their expectation that pump prices would ease downwards from next month.

These current prices are likely to see between 12-24 pesewas increases even before the 1st of March due largely to the price escalations on the international market.

The statement said it is COPEC’s estimation that the pending increases could be averted through the application or review downwards of the Price Stabilization and Recovery Levy on the price build-up of between 12-16 pesewas per litre to cushion the market to potentially prevent these possible increases likely to reflect at the local pumps anytime soon.

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