The Executive Director for the Chamber of Petroleum Consumers, Ghana (COPEC), Duncan Amoah, has hinted the price of petroleum products may go down if the oil secured by government is distributed this week.
Prices of fuel have been on the rise for months with the most recent increase happening on Saturday, January 21, 2023, for the second pricing window.
This according to stakeholders is the inability of the local currency to perform well against the dollar.
Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the “Gold for Oil” policy from the United Arab Emirates.
“The numbers pertaining to this gold-for-oil policy are very crucial. If it doesn’t solve the escalating fuel price situation, and it doesn’t solve the cedi depreciating, then we should stop the politicians from meddling in fuel or trading completely.
“Because that will not be the situation Ghanaians are clamouring for. The numbers they will put up for the coming week will determine whether we are able to stimulate the market downwards or we are able to sustain prices where they are.
Or there are some benefits to be derived as a people. If there are no benefits, then it will be difficult to go to the Bank of Ghana (BoG) to ask for money to trade in oil, we will be burnt on all sides,” Mr. Amoah said.
However, the Executive Director for COPEC is optimistic price of the commodity might see a drop if the distribution of the commodity is done soon.