COPEC to government – Citi Business News
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COPEC to government – Citi Business News


Summary short_text

The Chamber of Petroleum Consumers has asked the government to introduce measures to stop the increase in fuel prices.
Outlook for the first quarter of the year certainly looks tough as prices are expected to continue rising, we at Copec had preempted this as far back as October 2020 and called for decisive national planning, action and policies from our authorities in ensuring these expected increases of prices on the international market is planned for using strategic state entities like TOR and BOST to ensure there's adequate stock to manage, during these periods of sustained increases but the heat of our elections didn't possibly allow for effective planning as we are currently left with little options than to pass on these increases at the pumps though the economic effects of Covid-19 continue to remain dire on Ghanaians.
We ordinarily would have expected some taxes on the petroleum price build-up to be eased down at this point to accommodate these increases but that will also not suffice to look at the differentials and the fact government itself is also hard-pressed for revenue.


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