The Chamber of Petroleum Consumers (COPEC) has called on the National Petroleum Authority (NPA) to abolish niences consumers. The Authority should consider abandoning this system altogether, as it does not serve the public’s interest,” he stated.
This conversation was started by the Chief Executive Officer of Star Oil, Philip Tieku, who has argued that scrapping the policy would allow prices to fall further, given current market conditions.
He maintains that consumers are being denied the opportunity to enjoy lower fuel prices at the pumps because of the policy.
Currently, the NPA sets and communicates price floors for deregulated petroleum products at the beginning of each pricing window, and PSPs are required to comply.
Violations can attract fines of up to GHS¢5,000.
