COPEC calls for fuel tax cuts, return to strategic reserve programme

Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has urged the government to lower some taxes on petroleum products and reintroduce the strategic fuel reserve programme. This recommendation comes as projections from the Chamber of Oil Marketing Companies (COMAC) suggest fuel prices at retail stations may rise from the next pricing window.

While acknowledging government efforts to manage fuel prices, Amoah believes these measures alone may not suffice to protect consumers from international price fluctuations. He argues that cutting certain taxes on petroleum products and reinstating the strategic reserve programme would provide a buffer during periods of rising international oil prices, preventing immediate price hikes at the pumps.

Although the government has made progress in managing fuel prices, Amoah emphasizes the need for longer-term solutions to shield consumers from external shocks. He believes a combination of tax reductions and strategic fuel reserves could help the nation handle international price pressures, thereby lessening the impact on motorists and businesses.

This plea for action arrives as international oil market developments continue to influence domestic fuel prices, with consumers already apprehensive about another potential price increase.