Duncan Amoah, Executive Director of the Ghana Chamber of Petroleum Consumers (COPEC), says the price of petroleum products may fall if the government-secured oil is distributed this week.
After weeks of decline, the price of gasoline soared on Saturday, January 21, 2023, for the second pricing window.
Many stakeholders blamed the situation on the local currency’s volatility against the dollar.
To remedy this situation, the government began the “Gold for oil policy”.
Ghana received 40,000 metric tons of the policy’s first consignment from the United Arab Emirates on January 15, 2023.
The Executive Director of COPEC is optimistic that the commodity’s price will fall if distribution is completed soon.
Executive Director for COPEC is optimistic price of the commodity might see a drop if the distribution of the commodity is done 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.
