The Chamber of Petroleum Consumers (COPEC) says the directive to GOIL to reduce fuel prices could cost them GH¢ 9 million every month.
According to him, the action by GOIL to reduce fuel prices is not a sustainable solution.
Executive Secretary of COPEC, Duncan Amoah, said the directive was “very problematic” because of the possible effects on GOIL.
“What the directive means to a company like GOIL is a shaving off of GH¢ 9 million in one month if you look at GOIL’s volumes of around 60 million litres monthly.”
“GOIL is listed and as a listed entity with other ordinary Ghanaians as shareholders… We think the approach and how it has been done so far can only create problems for all of us downstream,” Mr. Amoah said in a Citi FM interview.
As a more sustainable alternative for better fuel pricing for consumers, Mr. Amoah said “a long-term measure would mean that we should situate the taxes within the context of international market prices.”
GOIL has cut down the price of fuel by 15 pesewas after a directive from President Nana Addo Dankwa Akufo-Addo.
The move comes after Monday’s meeting between the government and transport operators at the Presidency over their sit-down strike.
The reduction took effect Tuesday morning with a litre of fuel at GOIL now selling at GHC6.70 pesewas.
The Ghana Private Road Transport Union (GPRTU) has suspended the intended strike which was to take effect on Monday (6 December) across the country.
A statement issued and signed by Godfred Abulbire, the general secretary of GPRTU, said, “the intended strike action which was scheduled to take effect today Monday (6 December) has been suspended.
“We, therefore, entreat our cherished members to go back to their normal duties,” the statement added.