Only Alternatives Can Resolve Fuel Price Hikes

The Chamber of Petroleum Consumers (COPEC) wants the government to find alternatives to alleviate the burden the recent fuel price hikes have imposed on Ghanaians.

COPEC had earlier called for a national dialogue to help find innovative ways of addressing the issue.

Fuel prices have hit the 5 cedi mark with diesel going for GHc5.18 pesewas per litre, and petrol 5.14 per litre.

In an interview with Citi News, Executive Director of COPEC, Duncan Amoah said the increase in fuel prices will impact negatively on the lives of ordinary Ghanaians hence the proposal for a national dialogue.

“We think the fuel price hikes exposes a lot of hardships to the ordinary man out there. There are solutions to the price increases, and we want the government to have a national dialogue immediately so that all stakeholders interest in proffering some workable solution to this phenomenon would at least put their shoulders to the wheel,” he added.

Expect more fuel price increases over Cedi woes – Energy Institute

The Executive Director of the Institute of Energy Security (IES), Paa Kwesi Anamoah Sakyi, has warned that fuel prices at the pump will continue to go up until the cedi stabilizes.

According to him, Bulk Oil Distributors who buy crude oil have no option but to pass on the increasing cost of fuel to Ghanaians as prices on the world market.

Mr. Anamuah Sakyi in a Citi News interview said the increasing cost has little to do with taxes, but rather the stability of the cedi.

“When there is a change, or the dollar is stronger than the cedis, then it means that you need more cedis to source for your products. In the last two weeks or more, the dollar was just around 4.7, but it has moved to 4.95; a depreciation of 4%.”

“It means importers of this product, being the BDCs will need more cedis this time to procure one dollar. They will be forced to pass on this other cost to the OMCs and the OMCs also transfer the same to us. The last window we bought petrol on the world market at $735 per metric ton, but now it is going for $747 per metric ton,” he added.

Reduce the impact of fuel price hikes on us – GPTRU to gov't

The Ghana Private Road Transport Union (GPRTU) had also called for government’s intervention to reduce the impact of fuel price hikes on its members.

Speaking to Citi News, the Chairman of GPRTU, Kwame Kumah, said “it is not good for us every day to wake up and hear that the fuel prices have gone up… every day getting up and hearing that fuel is going up; it won't go well for us.”

He pleaded with the government to “do something about it that will help us.”