The Chamber of Petroleum Consumers criticized recent fuel price cuts as insufficient for Ghanaian drivers. Executive Secretary Duncan Amoah told Citi Business News that companies should reduce prices more given stronger cedi performance. Wholesale petrol costs around 8 cedis per liter but some stations still charge above 12 cedis. Taxes add 3.27 cedis and company profits take another 40 to 50 pesewas per liter. Math shows petrol should cost around 11.70 cedis at most pumps across the country.
State company Goil sells petrol at 12.52 cedis and diesel at 12.98 cedis during June. Star Oil offers cheaper rates with petrol at 11.77 cedis and diesel at 12.49 cedis per liter. The stronger cedi against foreign currencies helped lower import costs for fuel companies. Experts expect more companies will cut prices as competition increases between different brands. COPEC wants stronger government oversight to ensure savings reach ordinary consumers at gas stations.
State company Goil sells petrol at 12.52 cedis and diesel at 12.98 cedis during June. Star Oil offers cheaper rates with petrol at 11.77 cedis and diesel at 12.49 cedis per liter. The stronger cedi against foreign currencies helped lower import costs for fuel companies. Experts expect more companies will cut prices as competition increases between different brands. COPEC wants stronger government oversight to ensure savings reach ordinary consumers at gas stations.
