Duncan Amoah, Executive Director of the Ghana Chamber of Petroleum Consumers (COPEC), said the price of fuel/petroleum products may fall if the government-secured oil is distributed this week.
Price of fuel soared on Saturday, January 21, 2023, for the second pricing window after weeks of decline.
Many parties blamed the problem on the local currency’s instability against the dollar.
To rectify this predicament, the government initiated the “Gold for oil policy”.
Ghana received 40,000 metric tons of the policy’s first cargo from the United Arab Emirates on January 15, 2023.
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The Executive Director of COPEC is hopeful that the commodity’s price would fall if distribution is completed soon.
“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.
SOURCE: CITINEWS
