Chief Executive of COPEC, Duncan Amoah says NPA's re-introduction of Stabilization and Recovery Levy did not allow further reduction of fuel prices.
Speaking on Asempa FM's Ekosiisen on Monday, February 24 after Goil announced a reduction in its fuel prices over the weekend, Duncan Amoah said the Stabilization and Recovery Levy has taken 16% of the reduction which will make it difficult for Goil to reduce its prices further.
According to him, forex, international market prices and taxes are the main determinants of prices in the country.
With the reduction in international market prices and appreciation of the cedi, Duncan Amoah said one will expect a huge reduction in prices of fuel.
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But the re-introduction of the Recovery Levy will not allow for further reduction. Per his calculation, with the reduction of 8pesewas and the 16 pesewas of the Levy, Goil could have reduced the price by 24 pesewas.
Duncan Amoah also lauds the decision of the Goil to reduce their prices.
GOIL reduces all its fuel prices
The Ghana Oil Company Limited (GOIL) has reduced the cost of its fuel products.
The reduction which took effect on February 22, 2020, is now selling its new SupeXP RON 95 at ¢5.40 per litre while diesel is being sold at ¢5.41 per litre.
According to the indigenous company, the revision in prices is a result of the reductions in international prices of finished products and the appreciation of the cedi against major currencies especially the US Dollar.
A statement signed by Public Relations Manager of GOIL, Robert Kyere, read, “The reduction comes on the back of the recent introduction of higher grade Super XP (RON 95) onto the market at no extra cost to customers. GOIL wishes to thank consumers for their immense support and patronage of the company’s products and services."