COPEC Expresses Concern Over Alleged Overcharging by Major OMCs in Ghana
The three major Oil Marketing Companies (OMCs) in Ghana are overcharging consumers, according to the Chamber of Petroleum Consumers Ghana (COPEC).
COPEC has analyzed the data available to it for the first pricing window of the month and believes that petrol should retail at GHS 10.59 per litre, while diesel should be sold at GHS 12.84 per litre.
However, the OMCs have set their prices at GHS 12.40 and 14.60 for a litre of petrol and diesel, respectively. Executive Secretary of COPEC, Duncan Amoah, has called on the leading OMCs to adjust their prices in the interest of consumers.
He pointed out that the smaller OMCs have been more price sensitive, while the bigger OMCs, namely Total, Shell, and Goil, are charging above GHS 12 per litre for petrol.
Diesel prices spiked to around GHS 24 per litre in late 2022, but intervention by the Bank of Ghana and relative cedi stability helped to bring prices down, with petrol ending the year at GHS 13.4 per litre and diesel at GHS 16.1 per litre.