Head of Research for the Chamber of Petroleum Consumers Ghana, (COPEC), Benjamin Nsiah has urged petroleum consumers to purchase products from Oil Marketing Companies (OMCs) selling at lower prices if they desire a reduction in fuel prices.
According to him, if petroleum consumers do so, the forces of demand and supply will come into play and force OMCs selling at higher prices to reduce the cost of their products.
Effective December 1, 2021, which is the first pricing window of the month, petrol prices have reduced by 8 percent with diesel reducing by 6 percent on the international market as per data from the National Petroleum Authority (NPA).
“If there is this reduction now, then it means the selling price at the pump is not reflecting the percentage decrease. The 2nd pricing window in December 16 will also see the cost of petrol further reduced by 16 percent and diesel by 10 percent. So in the next pricing window, consumers should see a 40 pesewas reduction in the cost of fuel. At this moment, we will urge consumers to begin buying from retail outlets with cheaper products as doing so will get the others to also reduce their prices to conform with reduced prices in the first window,” he stated in an interview with Happy98.9FM’s Don Kwabena Prah on the Epa Hoa Daben political talk show.
Benjamin Nsiah sharing insights into why some OMCs still sell at high prices when world prices have reduced indicated, “These OMCs do so because of the goodwill they have earned with the people and have taken advantage of the situation which is wrong. Some also have favorable location nationwide and take advantage of that to increase their margins.”
The researcher dispelled the notion there are variations in petroleum products sold by different OMCs. “Consumers should know all the petroleum products are same in quality and quantity, and buying from cheaper priced OMCs will force the others to reduce their margins,” he reiterated.
GOIL Company Limited has reduced fuel prices by 15 pesewas following a government directive.
The directive followed a meeting between a government team and transport unions last Monday as part of efforts to end the sit down strike embarked on by private transport owners.
The price reduction came into effect yesterday, Tuesday, with a litre of petrol now selling at GH¢6.70 from GH¢6.85.
