Gov’t should build strategic fuel reserves instead of ad hoc pump price cuts – COPEC

Read also: Mahama directs NPA to absorb GH¢2 per litre of diesel to ease fuel price burden “Government must find a way towards the strategic reserve programme model, which allows government to keep something within the taxes throughout the year, save something, and store fuel when prices are favourable,” Mr Amoah said on Monday, August 3.

Speaking in an interview on JoyNews' The Pulse, the COPEC Executive Director, Duncan Amoah, said while government’s decision to reduce diesel prices by GH¢2 per litre is a welcome relief for consumers, such measures are not a sustainable solution to fuel price volatility.

He explained that a strategic reserve programme would provide the government with a more reliable tool to manage global market shocks without having to sacrifice significant tax revenue through emergency pump price interventions.