Duncan Amoah, Executive Secretary of COPEC

Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah has urged the government to institute measures to cushion consumers from the increasing fuel prices.

Speaking on The Pulse, Tuesday, Duncan Amoah explained that the economy will further derail if the government does not take action to mitigate the impact of the recent increase in fuel prices.

“Everything else is going up. Cost of living generally is rising and the people who depend on government for salaries at the end of the month would come back to the government. What we take home cannot keep us. So 2 billion you may say you don’t have immediately, but it would end up costing you sometime 20 billion, 10 billion eventually because everything else has gone up…you will pay double, things will double up even against government’s expenditure,” he said.

Duncan Amoah noted that government could emulate the French government intervention of injecting over 2 billion euros into fuel prices for four months to help consumers cope with the global increase in fuel prices.

“If you don’t look for that amount to cushion, you would look for that amount to pay your labour eventually because very soon everybody else will be coming back to the same government. Whereas government sometimes think okay, I am making a saving, I need the money, I need the revenue, there is a corresponding effect that holding unto those monies would have on the economy,’ he intimated.

Prices of petroleum products have been projected to experience a significant surge as consumers are expected to pay GH¢11 per litre from Wednesday, March 16.

The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market.

 According to the Chief Executive, Senyo Hosi, the cedi which is depreciating in relation to other major trading currencies is also a cause of the rise in the price of fuel.

Meanwhile, the Ghana Private Road Transport Union (GPRTU) has announced that commuters should expect an increment in transport fares again as fuel prices surge.

According to the Head of the Union’s Communications, Abass Imoro the decision is necessitated by the sharp surge of fuel at the pumps.

 “When we came out with this current adjustment fuel price was at GH₵7.990 [per liter], so we are waiting for the 10 percent ratio so if it crosses to the GH₵8.8 [per litre], we will come out with a new price. That is the only way we can sustain our transport industry,” he told Joy News’ Kwetey Nartey.