COPEC accuses OMCs of shortchanging consumers for not implementing full cuts in fuel prices

The Chamber of Petroleum Consumers (COPEC) has criticized oil marketing companies (OMCs) for not passing on the full benefits of reduced fuel prices to consumers. Despite recent declines in global oil prices, COPEC claims that OMCs are failing to implement corresponding price cuts at the pump, effectively shortchanging consumers. The chamber argues that this discrepancy between international price trends and local fuel costs is unjustifiable and highlights a lack of transparency within the sector.

COPEC's executive director, Duncan Amoah, emphasized that consumers deserve to benefit from lower oil prices globally, yet they continue to face high costs domestically. He urged regulatory bodies to intervene and ensure that OMCs comply with pricing adjustments reflective of market changes. The organization is calling for an immediate review of fuel pricing mechanisms and better communication from OMCs about how prices are determined. As public frustration grows over persistent high fuel prices despite favorable international conditions, COPEC’s assertions could ignite calls for greater accountability and reform within Ghana's petroleum industry.