CEO of Ghana’s Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Kwaku Ofori has debunked rumours of petrol and diesel prices hitting at least GHS18 per litre by next week.
He emphasized that despite concerns about the dollar reaching GHS14, it has remained relatively stable, hovering around GHS14.99 per litre.
The Chamber attributes this stability to consistent factors like the exchange rate, which has remained steady in recent weeks, indicating minimal impact on petrol, diesel, and Liquefied Petroleum Gas (LPG) prices.
Dr. Ofori therefore urged the public and energy experts to avoid spreading uninformed projections that could incite consumer fear and disrupt sector investments.
He highlighted the Chamber’s commitment to organizing training sessions for journalists on fuel pricing components and market dynamics to combat misinformation.
“We should be guided with some of our utterances. Forex commodities are sensitive to key elements within the sector and the economy. When people make certain speculations that are projections, we need to probe further,” he said.
Speaking to journalists in Accra, Dr. Patrick Kwaku Ofori, expressed that despite the fear-mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, “which is far better than what happened the previous weeks.
“Now the price is GHS14.99 (per litre). It’ll get to GHS18 (per litre) unless the dollar hits maybe GHS15, but I can’t foresee the dollar hitting even GHS14 by even next week,” he noted.
Fuel prices, which have remained relatively stable for months, experienced consecutive increases over the last four weeks due to international price spikes and the Cedi’s depreciation against the US Dollar.
Currently, petrol and diesel are priced at approximately GHS14.99 and GHS14.80 per litre, respectively.
Dr. Ofori emphasized that the Cedi’s performance against the Dollar and international market prices were the primary factors behind recent fuel price hikes adding that the Chamber is exploring innovative solutions to enhance forex access and alleviate pressure on the Cedi.
Contrary to claims that bulk oil distributors benefit from fuel price increments, Dr. Ofori highlighted that sometimes, they incur losses if their forex market projections exceed expectations. Additionally, he expressed concerns about ongoing tensions in the Middle East, warning that any escalation between Israel, Iran, and Gaza could drive global fuel prices up.
“We do not want the situation to escalate. Once it escalates, we should be certain that oil prices will go up,” he said.
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Source: Comfort Sweety Hayford/ATLFMNEWS
