The Ghana Chamber of Bulk Oil Distributors (COBD) predicts a 1 per litre reduction in petrol and diesel prices by April 1, 2022.
This comes after several meetings between the COBD and the Bank of Ghana (BoG) and stakeholders to devise interventions aimed at lowering the prices at the various pumps.
Senyo Hosi, the Chamber’s Chief Executive, says additional measures have been agreed upon and are expected to lower prices by Friday.
The key thing that will truly address our challenges will be the exchange rate interventions that the government is considering in collaboration with the Central Bank. By April 1, 2022, we should be in a better position in terms of petroleum prices.
“We’re looking at something around a cedi under a litre or half a cedi under a litre,” he said.
Senyo Hosi previously told JoyNews that once these measures are implemented, consumers will feel some relief.
“We’ve been working with the BoG. I believe they have released approximately $160 million to the entire energy sector, not just the BDCs. I believe they did some, but not in the manner that we would have preferred. “It was critical at the time to alleviate some tension,” he said.
He explained that the new interventions would aid in the “development of a structure geared around the forex market to ensure that some of these interventions can cascade into lower pump prices as we currently see on the markets.”
The government announced a 0.15 reduction in petroleum products last week, which commercial transportation operators rejected.
The Ghana Private Road Transport Union (GPRTU), the Concerned Drivers Association of Ghana, and other transport unions have expressed their dissatisfaction.
They believe they would have been better off if the government had not absorbed anything.
In an interview with JoyNews following the announcement of the reduction by the Finance Minister, GPRTU Spokesperson Imoro Abass stated that the drivers would be discussing a further increase in transportation fares.
“If this is the best they can do for us, I’ll say we’re ungrateful.” The 0.15 is woefully inadequate, so we’d have to meet and decide which way to go,” he explained.
Fuel prices have risen in the last two weeks at major gas stations across the country.
Many Oil Marketing Companies have been selling at 9.70, 9.99, and 11.
Source: Joynews
