Prices of fuel are expected to go down by 15% this week
Prices of petroleum products are set to go down from next week Thursday following the cedi’s sharp appreciation against the dollar.
Mr. Senyo Hosi, Chief Executive Officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD), said the upcoming price reduction was due to the marginal decrease in the world market price for refined petroleum products.
“One good news is the performance of the cedi against other major foreign currencies, especially the dollar. The performance of the cedi is another motivation for the reduction,” he stated in an interview with the Daily Graphic last Friday.
In an interview with the Daily Graphic, he said, “We wish to assure consumers that the prices of the products will continue to be reviewed downwards so long as the cedi rises and the world market price of refined products reduces.”
According to the current schedule, prices are to be reviewed every two weeks, but Mr. Hosi said that arrangement did not make it possible for bulk oil distributors (BDCs) to lower prices on a daily or weekly basis when prices dropped or increased.
Petroleum prices have gone up by more than 25 per cent in the past four months. The price of crude oil fell below $51 a barrel last Tuesday after hovering round the $60 level.
As of Friday July 10, 2015, the cedi was being sold for GH₵ 3.4596 at the interbank market and being purchased for GH₵3.4630.
The cedi has gained 4.27 per cent in its value since February 2015.