Gov’t’s ¢2 diesel relief is positive, but not sustainable – COPEC wants long-term fuel strategy

Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), commended the government's decision to alleviate diesel prices by a ¢2 per litre, but expressed concerns over the sustainability of such measures. Amoah's comments followed the government's announcement of the intervention in response to further hikes in petroleum prices.

Speaking on JoyNews' PM Express Business Edition, Amoah highlighted that the relief is welcome, yet insufficient to address Ghana's enduring fuel price issues. "I appreciate the government's move, but it's not enough," he stated. Amoah emphasized the necessity for a comprehensive, sustainable mechanism to safeguard consumers from recurring fuel price fluctuations, rather than depending on temporary fixes.

"A long-term, sustainable program is required," he added. He proposed the establishment of a strategic fuel reserve program as the optimal solution to mitigate the impact of abrupt price changes on the local market. Although acknowledging the commendable nature of the government's action, Amoah cautioned that such interventions cannot be sustained indefinitely.

"While positive, the measures are not sustainable in the long run." His remarks come amid escalating concerns over the rising expenses of petroleum products and their repercussions on transport fees, business operating expenditures, and household expenditures. The government's announcement of the ¢2 diesel cushion came alongside recent increases in petroleum prices, intended to alleviate the financial strain on commercial transport operators, businesses, and consumers reliant on diesel.

Despite appreciating the immediate respite, Amoah stressed the need for Ghana to concentrate on policies that can deliver enduring stability. He believed that a strategic reserve program would serve as a more dependable safeguard against global oil market unpredictability than occasional government interventions.