The Chamber of Petroleum Consumers (COPEC) has appealed to Oil Marketing Companies (OMCs), urging them to respond more swiftly to reductions in fuel prices, just as they are quick to adjust during price hikes.
Head of Research at COPEC, Paul Eric Ofori, expressed this concern on Breakfast Daily on Channel One TV on Friday, May 16, where he criticised the delays by OMCs in reflecting price drops at fuel stations. "We want to appeal to the OMCs just as they respond to increments here and there, when there is a decrease, why does it take so long for them to respond.
I want to appeal to the OMCs, especially the association itself, to bring their members in line and in check to reduce their prices at the pump." His comments come in the wake of an anticipated drop in fuel prices, especially diesel, which COPEC projects will decline by more than 8% starting today. "Cumulatively, we have witnessed about 25- 26% and seen the second window of February and all the way consistently we have witnessed a drop in prices.
What we are going to witness from today may be quite significant, as we are expecting especially diesel to drop by 8.3, 8.5%." In addition to diesel, petrol is expected to fall by around 4%, while Liquefied Petroleum Gas (LPG) may drop by as much as 10%, according to COPEC's analysis. "We are also looking at petrol doing some 4% and LPG likewise doing about 10%.
