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COPEC reveals GOIL to lose GH¢9M monthly over fuel price reduction, it’s not sustainable

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The Chamber of Petroleum Consumers (COPEC) is stressed that the mandate to GOIL to lessen fuel costs could cost it GH¢9 million consistently, demanding that is definitely not a manageable arrangement.

Talking on Eyewitness News, the Executive Secretary of COPEC, Duncan Amoah, said the mandate was “extremely tricky” due to the potential impacts on GOIL.

Government had coordinated GOIL to decrease its fuel costs by 15-pesewas to carry break to drivers who set out on a plunk down strike on Monday.

“How the order affects an organization like GOIL is a shaving off of GH¢ 9 million out of one month in case you check out GOIL’s volumes of around 60 million liters month to month.”

“GOIL is recorded and as a recorded element with other common Ghanaians as investors… We think the methodology and how it has been done as such far can just make issues for us all downstream,” Mr. Amoah said.

As a more reasonable option for better fuel estimating for shoppers, Mr. Amoah said “a drawn out measure would imply that we ought to arrange the expenses inside the setting of worldwide market costs.”

He additionally said the Government ought to be more delicate and “not keep stacking charges onto fuel costs.”

The drivers were requesting a GH¢1.5 decrease in fuel costs.

Fuel costs in 2021 began at about GH¢5 per liter and are currently taking steps to cross the GH¢ 7 imprint.

There are seven expenses on fuel which add up to GH¢1.9.