The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called for the immediate abolition of the ₵9.80 per litre fuel price floor, describing the policy as “anti-consumer and detrimental to the interests of Ghanaians.”
According to him, the price floor unfairly restricts competition within the downstream petroleum sector and prevents Oil Marketing Companies (OMCs) from reducing prices even when market conditions allow.
“We believe the ₵9.80 price floor does not serve the public interest. It denies consumers the benefits of competitive pricing,” Amoah stated.
He is urging Parliament to review the law and give OMCs the flexibility to operate competitively for the benefit of consumers.
“The current arrangement stifles competition. Any OMC that is willing and capable of selling fuel at a lower price is prevented from doing so,” he explained, adding that the policy “artificially keeps prices high.”
Under the Petroleum Products Pricing Guidelines, 2024, introduced under the National Petroleum Authority (NPA) Act, the NPA is mandated to set and communicate price floors for deregulated petroleum products—petrol, diesel, and LPG—within every 15-day pricing window. In line with this mandate, the NPA set a fuel price floor of ₵9.80 per litre, a decision that has since generated widespread public debate.
Amoah further appealed to President John Dramani Mahama to intervene and ensure the removal of the price floor, arguing that current economic indicators support a downward adjustment in fuel prices.
“Key factors such as the dollar-to-cedi exchange rate and trends on the international oil market are favourable. These conditions make price reductions possible if OMCs are allowed to act freely,” he noted.
He stressed that scrapping the price floor would “promote healthy competition, prevent market monopolies, and ultimately lead to fairer pricing for consumers.”
Meanwhile, some commercial drivers in Accra have also criticised the NPA’s decision. Speaking in separate interviews with Adom TV, the drivers called for the complete removal of the price floor, insisting that it would allow fuel to be sold at more affordable prices.
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