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Government should cap OMC’s margin on fuel pricing- Economist

Source: filasconews

An Economist, Mr. George Antwi Boasiako has suggested to the government of Ghana to as a matter of urgency cap the margin of Oil Marketing Companies (OMC’S) on fuel pricing to avoid unnecessary rising fuel prices.

He said, without the capping system by government to OMC’S, fuel pricing will continue to be a major challenge of the government and the industry players in the country.

According to the Economist in an interview on Silver FM’s morning show with Nana Ampratwum on Tuesday, December 7, 2021, government should must collaborate and negotiate with the Oil Marketing Companies to agree on margin capping to help cap prices for all OMC’s.

He disclosed during the interview that, Ghana is the biggest shareholder of GOIL with 50% shares thereby encouraging GOIL to lead as an example to other fuel stations by reducing their fuel price to suit transport operators adding that when GOIL decreases their fuel price, it will coerce other Oil Marketing Companies to follow suit.

“GOIL should be the pace setters for the other companies to follow because Ghanaians are the majority shareholders therefore GOIL must operate in a way to suit their biggest shareholder i.e the citizenry”, Mr. George Antwi Boasiako reiterated on the show monitored by filasconews.

He’s of the firm believe that, until Government sit down with the Oil Marketing Companies to use the capping system, Ghanaians will continue to suffer and lament over high fuel pricing.

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