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0 The Chamber of Petroleum Consumers (COPEC) has accused Oil Marketing Companies (OMCs) of deliberately exploiting consumers by failing to implement the full extent of mandated fuel price reductions.
According to COPEC, petrol, diesel, and liquefied petroleum gas (LPG) prices were expected to drop by 4.5%, 3.8%, and 3.9%, respectively, by March 16, 2025.
However, while some companies have made minor adjustments, many have not met the expected reductions, leaving prices artificially high and frustrating consumers.
COPEC’s Executive Secretary, Duncan Amoah, condemned the OMCs’ actions, accusing them of undermining the deregulation programme.
“This is a worrying trend that defeats the purpose of deregulation. When fuel prices rise, OMCs are quick to adjust, but when global benchmarks favour reductions, they delay. The highest reduction we have recorded so far is only 2.2%, whereas consumers should have seen cuts between 3% and 7%. As of now, that has not happened,” he stated.
He urged the regulators to ensure that OMCs fully comply with the expected price reductions to prevent undue hardship on consumers.
Dissatisfied road users have also expressed outrage over the slow pace of price cuts.
In an interview, they expressed their frustrations: “They are supposed to reduce prices further because we rely heavily on fuel in Ghana, especially those of us who use Okadas [Commercial motorbikes],” one rider complained.
Another motorist lamented: “They promised a 4% reduction, but at the pump, it’s only 1%, which makes little difference. We don’t feel the impact.”
