The Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah estimates that the decision of Goil to reduce its prices by some 15 pesewas will cost the company GHC 95 million in a month.
He stated that as a public company, with shareholders, the reduction in fuel prices t by Goil, will have major toll on the shares prices of the ordinary Ghanaian investors.
He contended that although the Chief of staff, whose meeting with the Driver Unions, has led to the 15 pesewas meant well, the approach is problematic.
‘’We could have done way better to assuage the inconvenience they had meted out to the general public through their strike action,’’ he observed.
He reinforced calls for government to scrap some taxes and levies from petroleum products to keep price reduction under sustainable levels.
He added that various governments have found it convenient to tax and load levies on petroleum product and contends whether Ghana’s downstream sector was truly deregulated.
As a country we don’t seem to have a strategy for dealing with prices of fuel. Prices of petroleum has a cascading effect on everyone. The continuous imposition of levies and taxies is not be inuring to our benefit, he contended.