The Chamber of Petroleum Consumers COPEC, has announced that fuel prices may decrease if the government distributes the oil it has secured this week. This is a positive development for consumers who have been facing high prices for petrol and diesel.

The distribution of this oil could potentially lead to a decrease in the cost of refining fuel, ultimately resulting in lower prices at the pump for consumers.

Fuel prices unexpectedly increased on January 21, 2023, after a period of decline, due to instability in the local currency against the dollar, according to stakeholders.

 In response, the government implemented the “Gold for oil policy” on January 15, 2023, where Ghana received 40,000 metric tons of oil from the United Arab Emirates as a part of the policy.

 However, COPEC’s Executive Director, Duncan Amoah, remains optimistic that fuel prices will decrease if the distribution of the oil is done soon. 

He stated that the success of the policy will be determined by the numbers and if it does not solve the fuel price situation and the depreciation of the cedi, it may be necessary to stop politicians from meddling in fuel trading completely.

Source :itvghana.com/culled from newsghana