The Chamber of Petroleum Consumers, Ghana (COPEC) has disclosed that the price of petroleum products may see a drop if the oil secured by government in the gold for oil policy is distributed this week.
Price of fuel went up on Saturday, January 21, 2023, for the second pricing window after weeks of decline.
This situation has been attributed by many stakeholders to the instability of the local currency against the dollar.
To remedy this situation, the government began the “Gold for oil policy”.
Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.
The Head of Financial markets at the Bank of Ghana, Stephen Opata disclosed in an interview on Thursday, January 19 that consumers should not expect to see an immediate reduction in the price of petrol and diesel at the various fuel pumps.
“The product was cleared from the ports today and I know that BOST has started selling. This is just 20% of our market needs from the numbers I have seen the prices are better than what is at the ex-pump prices right now.
“Because this is just 20 percent of our needs, it will not make that much impact as it would if we were to be doing 100 percent of our diesel needs,” he stated.
However, the Executive Director for COPEC, Mr Duncan Amoah 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.
