Africa-Press – Ghana. Executive Director of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has stated that in order to deal with the impact of increasing fuel prices, the government will have 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, the Cedi continues to depreciate, and prices at the pump will still have to go up unless of course international benchmark market decline,” he said on Thursday, May 9 while commenting on reports os possible increment in fuel prices.
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