The Chamber of Petroleum Consumers (COPEC) has stated that the further depreciation of the Cedi has necessitated an increment in the prices of fuel at the pumps.
One dollar is now selling for GH¢15.20 at Forex Bureaus. Though a downward review of prices was projected, the oil marketing companies have noted that the increment in the coming weeks is due to the unstable exchange rate.
Duncan Amoah, Executive Secretary of the Chamber said “Once you have a currency that you can’t predict its performance in the next two to three months, then you are forcing the importers to determine what values to set their pricing”.
He argued that the Cedi’s performance has always been a determining factor in setting fuel prices.
“If the importer is done selling his fuel, he has to pay the suppliers. He needs more Cedi than he did when he was setting the price. A certain overrun may have occurred. So clearly, something must be done and [the] government has a duty to ensure [the] stability of the Cedi,” Duncan Amoah noted.