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Fuel prices could stabilise till end of year if … – COPEC

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Fuel prices could stay at the projected Ghc20 per litre of diesel and Ghc16 per litre of petrol till the end of the year if the Bank of Ghana (BoG) continues to provide enough forex for the Bulk Distribution Companies (BDCs) at favourable rates. 

The Chamber for Petroleum Consumers (COPEC) is predicting that fuel prices in Ghana would fall after the Bank of Ghana met with the Bulk Distribution Companies (BDCs) and gave them favourable exchange rates. 

The BDCs now have more foreign currency at their disposal thanks to the Bank of Ghana. This implies that the BDCs would receive most of the funds they require from the BoG, unlike earlier circumstances where some importers were compelled to rely on commercial banks and illicit market systems.

Sampson Addae, Monitoring and Evaluation Officer for COPEC made these statements when he spoke on A1 Radio’s Day Break Upper East Show today, November 15, 2022. 

Mr. Addae was unsure if the BoG’s intervention would go through the end of the year, but he was confident that if it did, fuel prices in Ghana could remain largely steady.

“We do not know if it would be sustainable and to which time period they would continue to do that. We hope they can sustain this intervention to the end of the year. We do not know whether the Bank of Ghana would have that capacity to sustain it to the end of the year or beyond. we are hoping that the intervention would stay for a longer period and it would help stabilise prices.”

“We would see stable prices. It doesn’t mean that every window, we would see some reductions. We might see some reductions but the bottom line is that we would see some price stability,” he said.

Source: A1radioonline.com|101.1MHz|Mark Kwasi Ahumah Smith|Ghana

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