Ghanaians can now breathe a bit more easily as the Ghana Chamber of Bulk Oil Distributors (CBOD) announced a 15% reduction in the prices of petroleum products this week.
According to the Chief Executive Officer of the organization, Senyo Hosi, the performance of the cedi against major trading currencies and the marginal reduction in the world market price of refined petroleum products had made the decrease necessary.
“…one good news is the performance of the cedi against other major foreign currencies, especially the dollar. The performance of the cedi is another motivation for the reduction.”
Prices, he said, will continue to be reviewed downward, “so long as the cedi rises and the world market price of refined products reduces,” he said.
Petroleum prices were increased twice since the National Petroleum Authority (NPA) transferred the responsibility of pricing products to the Bulk oil Distribution Companies (BDCs) and Oil Marketing Companies (OMCs).
In June, prices went up by 4% and 15% in the following month.
Making the BDCs and OMCs responsible for pricing forms part of the full deregulation of the petroleum downstream sector in order to remove subsidies and also promote competition.
Quotes from Daily Graphic