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Patronise cheap fuel to sustain deregulation policy –Kwadwo Poku

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The Executive Director of INSTER, an economic think tank, Kwadwo N. Poku has called on consumers to patronise cheap fuel to ensure that the de-regulation policy works.

In a statement issued in Accra over the weekend, he argued that fuel sold in Ghana at every fuel station is of the same quality.

“Don’t let anyone tell you otherwise.  This is a message NPA has repeated over and over”, he said.

The following is the full statement;

As we enter the last price review window before Christmas, the international fuel prices have dropped from a high of $840 per MT for petrol to $685.

At $840, the prices at the pumps were GHS 6.9 per litre. The OMC’s marketer/dealer margin in this price was about 30 to 35 pesewas per litre.  Everyone was blaming Government for high taxes. GPRTU threatened strike action, which made Goil reduce prices to GHS 6.70.

Now, what a lot of people did not know is Goil was able to reduce from GHS 6.90 to 6.70 because the international prices in that window had dropped. Naturally, they will have increased their Marketer’s margin instead of passing the reduction to Ghanaians.

At today’s international price, using 6.4 cedi to Dollar rate, the petrol price at the pump should be Ghs 6.30. That is if the OMC keeps their Marketer’s margin Below 40 pesewas a litre.

Goil is selling at Ghs 6.60 per litre meaning they have increased their Marketer’s margin above 60 pesewas per litre depriving Ghanaians of lower fuel prices.

Fuel is an essential commodity and these companies are not putting their customers first but their profits. The same way we blame Government for higher taxes resulting in expensive fuel, we should also blame these insensitive OMCs.

There are companies that are selling around GHS6.35 to GHS 6. 50 and these are quality fuel. We should all boycott the expensive insensitive OMCs and buy from the cheaper priced OMCs.

Until we patronise these cheaper fuels, the deregulation will not work. All fuel sold in Ghana at every fuel station is of the same quality.  Don’t let anyone tell you otherwise.  This is a message NPA has repeated over and over.

If you want to buy expensive fuel because you drive expensive car, that is a personal decision you are entitled to. Do not blame anyone for your expensive lifestyle.

 

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