The Chamber of Petroleum Consumers (COPEC) is calling on the National Petroleum Authority (NPA) to remove price floors set out in the 2024 petroleum products pricing guidelines.
COPEC says the policy, which prevents Petroleum Service Providers (PSPs) from selling below the regulator-set minimum, is outdated and counterproductive in a deregulated downstream petroleum market.
Executive Secretary of COPEC Duncan Amoah, according to reports said the price floor does not benefit consumers and argued that scrapping it could allow oil marketing companies (OMCs) to reduce fuel prices further when market conditions permit.
His comments come as consumers are already seeing some relief at the pumps with the start of the second January pricing window.
