New fuel price a rip-off by OMCs-ACEP threatens court

Energy policy think-tank, African Center for Energy Policy (ACEP) says consumers have been cheated by Oil Marketing Companies in the latest fuel price reductions.

At a press conference Friday, ACEP’s Mohammed Amin Adams presented computations that explained that the price reductions could have gone further down

Fuel prices have gone down at the pump between 10-15 percent following significant appreciation of the Ghana cedi against the dollar.

With Ghana sticking with an enhanced price deregulation policy, OMCs are now free to set its individual prices within a formula provided by the Bulk Oil Distribution companies.

Per the new prices, petrol is now being sold between ¢15.00 to ¢16.00 down from the 18.00 cedis it was sold at prior to the reduction.

ACEP accused all OMCs of having “short changed” consumers. There are at least 60 OMC licensed to operate in Ghana

In a press statement Friday, Amin Adams revealed, a company like Total and Allied Oil should have reduced their prices by 17% instead of 11% and 13% respectively.The state-owned company Goil should have gone down further by 18% and not 14%, ACEP said.

Mohammed Amin also accused the BDCs of working in concert with OMCs to rip consumers off.

He described the actions of the OMCs as criminal and a breach of the law. ACEP says it is prepared to go to court if consumers are willing to fund its legal fees.

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