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We need clear foreign exchange policy to address petroleum price hikes – COPEC

The Chamber of fuel Consumers (COPEC) has asked the Bank of Ghana to come up with a clear foreign exchange policy for the country so that prices for fuel don’t keep going up.

The call comes after the price of gas at the pump went up in the second pricing window, which started on August 1, 2023.

Some big Oil Marketing Companies now sell diesel XP for GH12.95 and Super XP for the same price, which is up from GH12.45.

In an interview in Accra with the Ghana News Agency, Mr. Duncan Amoah, who is the Executive Secretary of COPEC, said that the new prices are due to higher prices for oil on the world market.

He said that this meant the central bank needed to make a clear foreign exchange policy to boost the Cedi and keep prices stable in the country.

“We just finished the first half of the year, and it looks like the price of oil could go up in the second half, so we need the BoG to know exactly what to do with the currency,” he said.

Oil prices didn’t move much on Tuesday, after trading near a three-month high on Monday. This was due to signs of tightening global supply as companies cut output and strong demand in the United States, which uses the most fuel in the world.

At 04:02 GMT, the price of a barrel of Brent oil for October is $85.25. This is 18 cents, or 0.2%, less than where it was at the end of the day.

A Barrel of Oil Equivalent (BOE) report says that the price of front-month Brent reached its best level since April 13 on Monday.

In June, OPEC reached a deal to limit oil production through 2024, and Saudi Arabia said it would cut production by an extra million barrels per day in July.

On July 3, Saudi Arabia said that the cut would last through August and that it might last longer.

Mr. Amoah also said that prices at the pumps would go up a lot if two things happened in the second half: the price of oil on the world market went up and the cedi became less stable.

Boanerges Amoako
Boanerges Amoako
I am Boanerges Amoako, a multifaceted visionary excelling in blogging, social media influence, content creation, online marketing, news publishing, and a deep love for all things tech. Join me on a captivating journey through creativity, influence, reliability, and endless possibilities!


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