BDCs, OMCs making ‘unnecessary profits’ from fuel price hikes – KT Hammond

The Member of Parliament for Adansi-Asokwa, K Hammond, has accused the Bulk Oil Distributors and Oil Marketing Companies of contributing to the rampant hikes in fuel prices.

Mr Hammond, who is also a member of the Mines and Energy Committee of Parliament, said inasmuch as prices of petroleum products may be high on the international market, firms within the value chain are taking advantage of the exchange rate to outrageously price their products.

Speaking to journalists, K.T Hammond urged the government to probe the activities of such firms to help tackle the escalation of the prices.

“It’s the Oil marketing companies, the big ones, the BDCs that I have a problem [with] so they better sort it out. I am sure the Ministry of Finance, the Government, and the Ministry of Energy obviously are looking into this.”

“I am concerned that the Oil Marketing companies are making unnecessary profits, I think we should be careful how they are also playing the market…The [oil] companies must be very careful how things play out,” Mr Hammond said.

Mr Hammond’s comment comes after another increment in fuel prices on Tuesday, with petrol selling at about GH¢18 per litre and diesel retailing at over GH¢23 a litre.

The Chief Policy Analyst at the Ghana Institute of Public Policy Options Dr. Charles Wereko-Brobby on Tuesday also lashed out at the Chamber of Petroleum Consumers (COPEC) for doing little or nothing in fighting for petroleum users in the wake of consistent rise in fuel prices.

Dr. Wereko-Brobby accused COPEC of currently being the chief cheerleader for Oil Marketing Companies (OMCs) in announcing annoying increases in the prices of petroleum products.

In an interview on Eyewitness News, he wondered why COPEC has refused to fight for the interest of consumers, who are bearing the brunt of price increases and taxes slapped on the products.

Source:citinewsroom.com