The Chamber of Petroleum Consumers has criticized the latest price reductions at the pumps describing it as woefully inadequate for consumers of the product

The Chamber contends that prices could have gone down further given market developments and the stability in the forex.

Speaking to , Executive Secretary of COPEC, Duncan Amoah, noted that the development points to a challenge in the sector.

“The reduction that has been passed for the first window June is good but woeful. As of Friday, you had BDCs selling around GHȼ8 a litre for petrol and between GHȼ8.50 – GHȼ 9 for diesel. If you add the cumulative tax incidence of GHȼ3.27 and the OMC margin of 40-50 pesewas a litre, you do not expect any OMC to do anything about GHȼ11.70 at this point. But you still have some selling at GHȼ12 and above. It tells you that there is clearly a challenge somewhere,” he said.

Retail prices of petroleum products have started to decline at some fuel stations as the first pricing window of June takes effect.

State-owned GOIL has reduced its pump prices, with petrol now selling at GH¢12.52 per litre and diesel at GH¢12.98 per litre.

This represents a drop from the previous rates of GH¢13.27 for petrol and GH¢13.87 for diesel recorded during the second pricing window of May.

Star Oil has also lowered its prices, offering petrol at GH¢11.77 per litre and diesel at GH¢12.49.

The downward trend is largely attributed to the recent appreciation of the cedi, which has eased the cost of imports.

It is expected that more Oil Marketing Companies will follow suit, influenced by exchange rate stability and increased market competition.