Prices of fuel must be cut by between 1 and 4% in the first pricing window for February, the Chamber of Petroleum Consumers Ghana has said.

In a statement, the Chamber said prices of fuel products within the country have seen some cumulative 14 - 17% increases over the past three pricing windows.

It said the cedi, which has been the main challenge over the past three windows seems to have made some gains to stabilise over the past two weeks to currently close trading at an exchange of 4.2798: $1 while world market indices have seen some drops by over $2/barrel to currently trade at around $53/barrel from the previous levels of around $56/barrel.

The Chamber further noted that levels of taxes, which have been “one major concern for most Ghanaian petroleum users continue to remain at the same levels though some aspects of the levies continue to rise anytime ex-refinery prices go up.”

“From the above, it is our expectation and that of Ghanaians that the coming window will see the various bulk distribution companies (BDCs) and Oil Marketing Companies ( OMCS) reduce fuel prices by between 1- 4% to ease the current pressures on the pockets of Ghanaian petroleum consumers,” it said.

The group said it expects fairness in the current price deregulation regime which dictates that prices should reflect current trends.

“Most pumps as of this day and time are dispensing at between 4.080-4.160/litre for Pms and diesel or AGO is trading at between 4.060-4.120/litre from previous levels of 3.930-3.961 for PMS and 3.930-3.960/litre for diesel.

“We encourage officials at the Bank of Ghana to continue working hard to stabilise and possibly strengthen the currency to forestall any further fuel price increases while reminding government of the need to also urgently review the high taxes and levies on fuel products across the country,” COPECGH said.