 has called on the government to intensify efforts to stabilize fuel prices and prevent excessive hikes that could adversely affect consumers and the economy.){kind=link}
The Chamber of Petroleum Consumers (COPEC) has called on the government to intensify efforts to stabilize fuel prices and prevent excessive hikes that could adversely affect consumers and the economy.
Duncan Amoah, Executive Secretary of COPEC, expressed concerns over the persistent fluctuations in fuel prices during an interview with Citi Business News. He highlighted the three consecutive price increases earlier this year, which were only recently followed by a marginal reduction in the second pricing window of February.
According to Amoah, the recent price drop was influenced by declining global crude oil prices and other market factors. However, he stressed the importance of proactive measures to shield consumers from sharp increases in the future.
“If anybody will be able to function within the economic space, fuel will play a very vital role. So for us, whatever importance a government attaches to fuel, it attaches to its economic indexes,” Amoah said. “The moment fuel prices go up, transport operators will demand their pound of flesh.”
He further warned of the inflationary ripple effects of rising fuel prices, which often impact businesses and households. Amoah noted how rising transportation costs influence the prices of goods and services, adding, “The market women will start reducing balls of kenkey. Everything will start getting smaller and smaller simply because fuel prices have gone higher. This has a natural effect on the economy, and the government must pay close attention to fuel pricing moving forward.”
Amoah also pointed out the need for action to address the depreciation of the Cedi, which undermines the benefits of falling global fuel prices.