Africa-Press – Ghana. Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has blamed the rising fuel prices on the unpredictability of the Cedi.
The depreciation of the local currency against the major trading ones especially the Dollar results in doubling fuel prices the pumps
To deal with the effect of the rising fuel cost of fuel, he suggested to the government to introduce a safety net to cushion petroleum consumers.
At the moment, he explained that whatever happens to the crude oil prices on the international market automatically affects the local market.
However, the absence of safety cushioning in Ghana results in consumers being severely impacted.
“Unfortunately, Ghana does not have any safety cushioning and so whatever happens on the global stage people will have to pay for it here. whenever the local currency decides to misbehave people will have to pay for it in terms of fuel prices at the pumps.
“Realistically, the currency is looking quite unpredictable at this point, the depreciation continues.
“As of last week, the Chamber of Bulk Oil Distributors were quoting around 13.9, 14.05. what that means is that in any fuel pricing situation, you get on the international market, if it goes up and you add the Cedi depreciation effect it will double up,” he said on Thursday, May 9 while commenting on reports os possible increment in fuel prices.
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