The Association of Oil Marketing Companies has been defending its member, saying, they’ve been selling fuel at the right prices, despite rising costs of operations and crude oil prices.

This is coming after some OMCs begin reducing fuel prices at the pumps.

According to its Chief Executive, Kwaku Agyemang-Duah, the margin on the price build up is quiet low, hence its members are not accruing much from the petroleum downstream business.

“If you take the highest price that you see ¢6.80, the margin is not fully to the 100% that we are even talking about and that’s what happens in the deregulated environment. You need to give out something for something.’

“The name of the game actually is to make sure that your cost levels are low, so that you can make it. Because if your cost is still looking at you, then you have a problem”, Mr. Agyemang-Duah explained.

He therefore wants government to take off some of the taxes from the petroleum price build up to reduce the cost of operations, whilst consumers get fair price.

“So if the taxes are removed, obviously we will have less burden and we will have room to really workout our margin vis a vis the price. So we can come to a bottom price which will make sure that we have our margins, realise the investments we in put in and consumers will have a fair price”.



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