Kwaku Agyemang-Duah, CEO of the Association of Oil Marketing Companies, says oil marketing companies are making a lot of sacrifices to keep the price of fuel in Ghana below GH¢7 per litre.
According to him, with dealers barely compromising on their margins and the government maintaining all its taxes on petroleum products, the marketers are forced to reduce their margins to keep the price of fuel lower than it should be.
Speaking on the Citi Breakfast Show, Mr. Agyemang-Duah said the actual price of fuel in the country should be around GH¢ 7.5 for petrol and GH¢ 7.47 for diesel.
“Even if you look at our projections, if we are going with our 100% marketers margin and dealers margin, we should be selling for about GH¢7.5 for petrol and diesel GH¢ 7.4%. As we speak, a lot of them don’t have their full blow margins on it. They have really reduced their margin,” he said.
He noted that should there be any need or demand for lower prices, it can only come from the reduction of taxes on petroleum products.
There are about seven taxes and levies imposed on petroleum products in the country, which culminates into about GH¢2 per litre.
Most oil marketing companies in Ghana currently sell fuel around GH¢6.90 per litre. One of the leading oil marketing companies, Goil on Tuesday, November 23, 2021, announced that it was out of its own volition reducing the price of fuel to GH¢6.84.
Kwaku Agyemang-Duah said such a gesture means Goil is sacrificing its…