Mr. Samson Addae, an energy expert, has advised the government to maintain the stability of the cedi’s appreciation to ensure that Ghanaian consumers continue to benefit from the recent reduction in fuel prices.
He emphasised that the government must make every effort to sustain the cedi’s stability, mirroring the period of stability witnessed approximately three months prior. With this sustained stability, Mr. Addae is confident that fuel prices will continue to decrease, offering ongoing relief to the public.
The expert’s comments come in response to the decision by Oil Marketing Companies (OMCs) to reduce fuel prices at the pumps. This reduction aligns with industry data projecting a drop of more than 4% per litre starting from October 16.
Major oil marketing companies in Ghana, including Star Oil, GOIL, and Petrosol, have reduced their fuel prices. A litre of petrol now costs between GH¢12.77 and GH¢13.48, while diesel costs between GH¢12.97 and GH¢14.18
Mr. Addae explained that the primary factor driving the reduction in fuel prices is the appreciation of the cedi against the dollar.
”The second pricing window saw some reductions in fuel prices, which brought relief to Ghanaians. This has been possible due to the appreciation of the cedi against the dollar. Consequently, industry players have decided to reduce fuel prices to reflect these currency gains,” he stated.
He is optimistic that if the cedi’s appreciation remains stable, the nation could witness further reductions by the first week of November.
“We are likely to witness another education in the first week of November if the cedi remains stable. The 4 per cent reduction we saw was because the cedi to the dollar was around Ghc11 from Ghc12.55. But as we speak, it is around GHC 10.6. That means at the next pricing window, we see further reduction. When that happens, the BDCs will also reduce fuel prices again.”
By: Rainbowradioonline.com/Ghana
