The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has welcomed the government’s GH¢2-per-litre intervention on diesel prices but says the measure is not enough to address Ghana’s recurring fuel price challenges.
He is calling for the establishment of a strategic fuel reserve programme to provide a more sustainable buffer against sudden increases in global petroleum prices.
Speaking on JoyNews’ PM Express Business Edition on Thursday, Mr Amoah said the government’s intervention would provide some immediate relief to consumers and businesses but should not be treated as a long-term solution.
“I’m happy with government’s intervention, but that is not enough,” he said.
According to him, Ghana needs a permanent mechanism capable of shielding consumers from repeated fuel price shocks instead of relying on periodic government interventions.
“You will need a longer-term sustainable programme,” he stressed.
COPEC wants strategic reserve
Mr Amoah argued that Ghana should prioritise the development of a strategic fuel reserve capable of cushioning the domestic market against sudden movements in international oil prices.
“A strategic reserve programme should be the way forward, and not the kind of interventions we are seeing,” he said.
While acknowledging the government’s decision as a positive step, he cautioned that such interventions could not be sustained indefinitely.
“It is positive, but it is not sustainable,” he added.
His comments come amid growing concerns over rising petroleum prices and their wider impact on the economy, including transport fares, business operating costs and household expenditure.
The government announced the GH¢2-per-litre diesel cushioning following another round of increases in petroleum prices. The measure is intended to reduce the immediate burden on commercial transport operators, businesses and other consumers who rely heavily on diesel.
Mr Amoah, however, believes Ghana must move beyond short-term relief measures and implement policies that can provide greater stability in the fuel market.
He maintained that a strategic reserve programme would give the country a more reliable buffer against global oil market volatility and reduce the need for repeated government interventions whenever international petroleum prices rise.
