The Chamber of Petroleum Consumers Ghana wants the government to remove stabilisation levy on fuel prices

The Chamber of Petroleum Consumers (COPEC) has entreated the National Petroleum Authority (NPA) and the Ministry of Finance to remove the stabilisation levy on prices of petroleum products.

An attendant pumps fuel into a car

According to COPEC the removal of the stabilization levy will help protect the interest of consumers.

The Executive Secretary, Duncan Amoah explained that the levy must be cancelled because the government has been unable to utilize the levy to cushion consumers when global crude oil prices increase.

As part of price build-up for fuel, a litre of petrol and diesel attracts a stabilization fee of twelve and ten pesewas, respectively.

Meanwhile, the prices of fuel at the various pumps have also dropped for two consecutive times. 

Even though COPEC is predicting a marginal drop later this month, Mr Amoah believes consumers should pay less when the stabilization levy is abolished.

In a related development, the Institute for Energy Security (IES) says there will be a 1.5% increase in fuel prices in the second pricing-window of July this year.

The increase according to the IES is due to the rise in the price of Gasoline, Gasoil and Brent crude on the international fuel market.

The institute revealed this in a press statement signed by its research analyst Mikdad Mohammed.

According to the statement, “Guided by the fundamental indicators of local fuel price changes under deregulation; rise in the price of Gasoline, Gasoil and Brent crude on the international fuel market, the country’s local currency against the U.S. Dollar, the Institute for Energy Security(IES) foresees fuel prices to rise on the local market by up to 1.5%.”

“This imminent price increase may be averted by an intervention from the National Petroleum Authority (NPA) if the regulator decides to trigger the Price Stabilization mechanism to standardize prices,” the statement added.

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