The Chamber of Petroleum Consumers (COPEC) is impressing on the National Petroleum Authority (NPA) and the Ministry of Finance to remove the stabilization levy on prices of petroleum products if they are to protect the interest of consumers.
COPEC maintains that the seeming inability to utilize the levy to cushion consumers when global crude oil prices increase, warrants a complete cancellation of the levy. As part of price build-up for fuel, a litre of petrol and diesel attracts a stabilization fee of twelve and ten pesewas, respectively.
The prices of fuel at the various pumps have also dropped for two consecutive times. Though COPEC anticipates a marginal drop later this month, its Executive Secretary, Duncan Amoah believes consumers should pay less when the stabilization levy is abolished.