News Guide Africa

Tag: Chamber of Petroleum Consumers (COPEC)

  • Calls Mount for Public Inquiry and Governance Reform Following Berko Conviction

    Calls Mount for Public Inquiry and Governance Reform Following Berko Conviction

    The Ghanaian energy sector faces unprecedented scrutiny as a wave of legal, political, and civil society demands highlights severe institutional oversights and controversies surrounding major power agreements.

    The fallout follows the U.S. conviction of former official Michael Thomas Berko in connection with bribery schemes tied to power generation contracts, exposing what experts call alarming gaps in domestic regulatory enforcement. Legal practitioner Vicky Bright issued a stark warning regarding the inability of local state institutions to detect and prosecute corrupt practices before foreign bodies intervene.

    “The Berko conviction in an international jurisdiction exposes deep-seated institutional failures within our domestic law enforcement and regulatory frameworks,” Bright warned. “When external authorities are the ones uncovering illicit financial practices linked to our energy assets, it signals an urgent need to rebuild national oversight institutions so they can proactively safeguard public resources.”

    In tandem with growing governance concerns, Member of Parliament Ignatius Baffour Awuah formally demanded an independent public inquiry into the AKSA Energy power contract, citing the need for total transparency surrounding financial obligations and contractual terms.

    “Given the persistent questions surrounding major energy agreements, launching a public inquiry into the AKSA deal is imperative,” Baffour Awuah stated. “The public deserves absolute clarity on how these agreements are structured and whether the financial terms genuinely protect the state’s economic interests.”

    Adding urgency to the demand for structural overhaul, the Chamber of Petroleum Consumers (COPEC) cautioned political leaders against using complex energy agreements as political footballs, urging immediate procurement reforms instead.

    “The continuous cycle of shifting political blame between opposing parties fails to protect the public purse,” COPEC emphasized in a statement. “Government must immediately close existing procurement loopholes, enforce strict competitive bidding, and modernize energy contracting processes to prevent costly governance failures from penalizing the Ghanaian public.”

    With pressure mounting across multiple fronts, policy analysts and legal scholars are urging Parliament to take decisive action to fortify statutory oversight and clean up state contracting protocols.

     

  • Petrol and LPG Price Floors Rise While Diesel Eases Slightly

    Petrol and LPG Price Floors Rise While Diesel Eases Slightly

    Consumers and commercial transport operators across the country are facing a highly fragmented pricing landscape for the upcoming first pricing window of June.

    According to the latest data and mandatory regulatory updates, the baseline price floors for premium motor spirit (petrol) and Liquefied Petroleum Gas (LPG) are set to tick upward, while automotive gasoil (diesel) consumers will receive minor, short-term relief at the pumps.

    The mixed adjustments reflect the ongoing volatility of finished petroleum products on the international market, combined with shifting local import dynamics under the National Petroleum Authority’s (NPA) price risk management frameworks.

    Global market variables driving the local divergence

    The contrasting pricing movements highlight the complex link between international refined product benchmarks and Ghana’s deregulated downstream procurement structures. Over the past month, global gasoline refining margins and tight supply clusters have driven international petrol costs upward. Concurrently, international diesel inventories have stabilized due to slowing industrial demand across Europe, leading to a marginal easing of bulk import delivery prices.

    Addressing the media on the upcoming adjustments, an energy analyst at the Chamber of Petroleum Consumers (COPEC) noted that while the slight decline in diesel prices is welcome news for industrial logistics and mass transit, the rising costs of petrol and LPG will directly pinch domestic households.

    “What we are witnessing is a clear reflection of localized international product trends,” the COPEC representative explained. “Diesel is easing slightly due to cooling global demand, which will offer some breathing room to heavy transport fleets and haulage operators. However, the upward trajectory for petrol and LPG means that the average commuter and domestic gas consumer will continue to shoulder heavy financial burdens at the retail end.”

    Bulk Distribution Companies navigate regulatory floors

    Under current downstream guidelines, the National Petroleum Authority sets mandatory price floors for every pricing window to prevent predatory pricing, ensure fair competition, and guarantee that Bulk Distribution Companies (BDCs) can recover their core landing and infrastructural costs.

    Speaking on condition of anonymity, an executive director at a prominent downstream oil marketing firm observed that while price floors protect structural stability, they leave Oil Marketing Companies (OMCs) with very little room to offer deeper discounts to consumers.

    “The rising price floors for petrol and LPG mean that no matter how aggressive our internal efficiency drives are, we cannot drop our retail rates below the government-set minimums,” the downstream executive stated. “Our margins are already incredibly compressed. While we welcome the minor relief on diesel, the structural reality is that landing costs for petrol remain stubborn, and the incoming floor updates will force an adjustment at our service stations to maintain commercial viability.”

    Transport unions and consumer groups demand long-term fixes

    The persistence of high retail fuel costs continues to drive broader socio-economic anxieties, given fuel’s role as a primary driver of headline inflation and public transport operating costs. Representatives from the major commercial transport unions have already signaled that while the marginal diesel drop prevents an immediate rise in transport fares, the parallel surge in petrol rates will impact smaller, urban commercial operators who rely heavily on gasoline-powered engines.

    “Any upward movement in petrol affects thousands of urban transport operators who run smaller buses and delivery services,” a regional coordinator for the transport unions remarked. “We are watching the market closely. We urge the government to continuously review the existing tax components on petroleum products so that when international market variables surge, the local consumer is insulated from extreme, unmanageable spikes.”

    With the National Petroleum Authority expected to publish the finalized retail matrices last weekend, OMCs were already recalibrating their digital pump displays to comply with the new statutory baseline floors, leaving the public to brace for a highly bifurcated spending outlook at the pumps.

     

     

     

     

     

     

     

  • Experts clash over Ghana’s fuel price strategy

    Experts clash over Ghana’s fuel price strategy

    By Baraka Amidu

    As Ghanaians grapple with the stifling cost of living, the debate over fuel prices has reached a fever pitch.

    While recent international market trends suggest a downward shift, industry experts and economists are warning citizens not to expect a sudden windfall at the pumps, sparking a heated debate over government intervention and timing.

    The “gradual” reality

    The Chief Executive Officer of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has cautioned the public against expecting “instant relief.” Despite a marginal drop in global crude prices and a relatively stable Cedi, Mr. Amoah noted that the mechanisms governing local pricing mean that consumers will only see a slow, incremental reduction.

    “The relief will be gradual,” the COPEC boss warned. He explained that because Bulk Oil Distributing Companies (BDCs) often carry stocks purchased at previous higher rates, the price at the pump cannot reset overnight. This “lag effect” means that while global prices may tumble, the Ghanaian consumer remains tethered to older, more expensive inventory for a period.

    Timing and government delay

    While a reduction is on the horizon, COPEC has also hit out at the government’s handling of the crisis. Mr. Amoah described recent hints of government-led relief as a “right move but wrong timing,” questioning why the state waited until the economy was at a breaking point to consider mitigating measures.

    Critics argue that the delay in implementing price stabilization measures has already caused irreparable damage to small businesses and transport operators. The sentiment from industry players suggests that the government’s reactive, rather than proactive, stance has left the market vulnerable to shocks.

    Ghana’s standing in Africa

    The urgency of the situation is underscored by recent data ranking fuel prices across the continent. Ghana currently places 15th in Africa for the most expensive fuel. While this puts the country ahead of several neighbors in terms of “affordability” on paper, the ranking provides little comfort to locals whose purchasing power has been eroded by record-high inflation.

    The ranking highlights a stark reality: despite being an oil-producing nation, Ghana remains highly susceptible to global volatility and domestic taxation, keeping it in the upper tier of expensive energy markets in the region.

    The great subsidy debate: “Protect people, not prices”

    Amidst calls for the government to scrap fuel taxes or reintroduce subsidies, prominent economist and Director of Operations at Dalex Finance, Joe Jackson, has offered a dissenting—and controversial—view.

    Mr. Jackson has flatly rejected the idea of fuel tax cuts or subsidies, arguing that such moves are fiscally irresponsible and often benefit the wealthy more than the poor. “Protect people, not prices,” Jackson urged, suggesting that the government should instead focus on direct social interventions for the vulnerable rather than “bleeding” the national treasury to artificially lower the price of petrol.

    According to Jackson, subsidies are a “lazy” fix that the country cannot afford given its current debt crisis. He maintains that keeping taxes intact is necessary for state revenue, provided that revenue is used to cushion the poorest citizens through targeted social programs.

    As the next pricing window approaches, the atmosphere remains tense. For the average commuter and trader, the academic debate over “lag effects” and “fiscal responsibility” matters less than the daily cost of a gallon of diesel.

    For now, the message from both the industry and the analysts is clear: the road to lower fuel prices will be long, and the government’s refusal to cut taxes means that the “relief” Ghanaians are praying for may be more of a trickle than a flood.

     

     

  • NPA allays fuel shortage fears amid global volatility …as Govt reviews contingency plans

    NPA allays fuel shortage fears amid global volatility …as Govt reviews contingency plans

    By Adnan Adams Mohammed

    The National Petroleum Authority (NPA) has moved to reassure the Ghanaian public of a stable fuel supply, downplaying fears of a potential shortage despite escalating geopolitical tensions in the Middle East and increased volatility in global oil markets.

    Speaking on JoyNews’ The Probe on Sunday, March 1, 2026, the Director of Economic Regulation and Planning at the NPA, Abass Ibrahim Tasunti, confirmed that the country holds a robust buffer of petroleum products, capable of cushioning consumers for several weeks.

    National Stock Levels: A Seven-Week Safety Net

    According to the latest monitoring data from the NPA, Ghana’s current fuel reserves are at a comfortable level:

    ● Petrol: Approximately 6.8 weeks of supply.

    ● Diesel: Over 5.3 weeks of supply.

    Mr. Tasunti emphasized that these reserves are not a panicked reaction to recent regional conflicts including the blockade of the Strait of Hormuz but are the result of the NPA’s routine mandate to ensure energy security.

    “We have a plan where almost every day, petroleum products are being discharged,” Mr. Tasunti explained. He further noted that the Sentuo Oil Refinery, which has been operational since June 2025, and the Atuabo Gas Processing Plant are consistently adding to domestic stocks, reducing total reliance on international imports.

    Contingency Plans and the “Mindset Shift”

    The NPA’s assurance comes as the government initiates a broader review of its economic contingency plans. A key pillar of this strategy involves a proposed revision to the Ghana Petroleum Funds (GPF) investment policy.

    Under the “Resetting for Growth” agenda, the administration is seeking to move away from “passive savings” in offshore accounts toward “productive investment” in domestic energy infrastructure. This shift aims to create a more resilient energy sector that can better withstand price shocks and supply disruptions.

    Price vs. Availability: The Reality for Consumers

    While the NPA has guaranteed availability, it warned that as a net importer, Ghana remains a “price taker” on the global stage.

    Global crude prices recently surged past $91 per barrel, and the NPA has already adjusted price floors for the first window of March 2026. Industry experts, including Duncan Amoah of the Chamber of Petroleum Consumers (COPEC), have cautioned that while the pumps may not run dry, consumers should prepare for marginal price increases as private traders factor in the rising cost of future cargoes.

    Strategic Resilience

    To further stabilize the market, the NPA is stepping up its monitoring of Oil Marketing Companies (OMCs) to ensure that pump prices reflect approved regulatory guidelines rather than speculative hikes.

    As of early March, several vessels carrying fresh petrol and diesel cargoes were already at the Tema anchorage awaiting discharge, with more imports scheduled through April. The government maintains that these proactive measures will ensure the “wheels of the economy” continue to turn, even as global uncertainties persist.

     

     

     

     

  • Fuel Price Cuts Spark Call for Transport Fare Reductions

    Fuel Price Cuts Spark Call for Transport Fare Reductions

    By Adnan Adams Mohammed

     

    The Ghana petroleum market is witnessing heightened competition and a welcome drop in fuel prices, a trend that is now putting pressure on commercial transport operators to reduce fares for consumers.

    The Chamber of Petroleum Consumers (COPEC) is leading the charge, urging all commercial transporters, including major ride-hailing services like Bolt, Uber, and Yango, to immediately review and adjust their fares in line with the recent reductions in ex-pump prices. The move is aimed at passing on the benefits of easing cost pressures to the general public.

     

    COPEC’s Executive Secretary, Duncan Amoah, in a statement, pointed to the downward adjustments in pump prices by some oil marketing companies within the current pricing window.

    The Chamber said the reductions are consistent with movements in international refined petroleum prices, relative stability in the exchange rate, and heightened competition within Ghana’s deregulated downstream petroleum market.

    COPEC’s year-on-year assessment further shows that consumers are recording significant savings under the current pricing window, with petrol and diesel prices down by between GH¢3 and GH¢4 per litre compared with January 2025.

    “In this regard, COPEC calls on OMCs that have not yet reviewed prices within the current window to do so promptly, ensuring pump prices reflect prevailing market conditions and serve the broader interest of consumers.

    “Consumers must not be denied the benefit of price reductions when international and local market conditions become favourable,” the statement concluded.

    A Market Correction

    The recent price adjustments by Oil Marketing Companies (OMCs) are a result of several favourable factors: stability in the cedi’s exchange rate, movements in international refined petroleum prices, and intensified competition within Ghana’s deregulated downstream sector.

     

    Market leader Star Oil initiated significant cuts this week, with a litre of petrol now selling for as low as GH¢10.56 (and promotional discounts down to GH¢10.36), and diesel at GH¢11.56. State-owned GOIL has followed suit, with petrol priced at GH¢10.99.

     

    This marks a significant improvement from January 2025, with COPEC highlighting year-on-year savings of between GH¢3 and GH¢4 per litre for consumers.

    “Consumers must not be denied the benefit of price reductions when international and local market conditions become favourable,” stated Duncan Amoah, Executive Secretary of COPEC.

     

    The Push for Consumer Relief

    COPEC commended the proactive OMCs but stressed that fair and responsive fuel pricing is essential to alleviating financial pressures on households and businesses. The organisation is now focusing its attention on the transport sector.

    Current pump prices indicate significant variations across OMCs, with a price difference of over 10% between the lowest and highest priced petrol.

    Company    Petrol  (per litre)          Diesel (per litre)

    Star Oil          GH¢10.56                       GH¢11.56

    GOIL              GH¢10.99                    GH¢11.96

    TotalEnergies/Shell GH¢11.68       GH¢12.38

    PETROSOL                 GH¢11.65        GH¢12.35

     

    The call for fare reductions echoes a similar situation in May of last year, when transport fares dropped by 15% following negotiations between operators and the Ministry of Transport, leveraging the cedi’s appreciation at the time.

     

    As OMCs continue to cut prices amid rising competition, the pressure mounts on transport unions and ride-hailing platforms to translate these savings into lower fares, ensuring the benefits of improved market conditions reach the everyday Ghanaian consumer.

     

  • Expects up to 6% drop in fuel prices this month

    Expects up to 6% drop in fuel prices this month

    Adnan Adams Mohammed

    Chamber of Petroleum Consumers (COPEC) has predicted a drop of  6 percent in fuel prices at the pumps.

    The price drop is expected to range between 3% and 6% from August 1st, 2022. The expected reduction will have been bigger if not for the depreciation of the cedi against the U.S dollar.

    The drop in fuel prices will be the second consecutive time since oil prices started falling on the world market.

    “What, we picked from the market for the first window of August [2022] is an indication that prices at the pumps should have gone down significantly. The unfortunate thing at this point happens to be with the currency [cedi]”, Executive Secretary of COPEC, Duncan Amoah, said in an interview, last week. “As I speak with you, over the two weeks window, the FX has seen some depreciation, from about ¢8.30 to about ¢8.90 pesewas currently.”

    “And so that could on its own erode the reductions that you and I could have seen at the various pumps”, he added.

    Mr. Amoah urged government to take a second look at the deregulation policy to cushion consumers against the high fuel prices.

    “We have said on a good number of occasions, that the earlier we take a second look at this whole regulation programme, the better it would be”.