Gold For Oil Policy: Good news for petroleum products users
Prices of petroleum products may see a drop down this week should the oil secured by the government in the “Gold for oil policy” is distributed says Duncan Amoah – the Executive Director of Chamber of Petroleum Consumers, Ghana (COPEC).
According to him, there would be a decline in fuel prices if the distribution of the oil secured is done as soon as possible.
“The numbers pertaining to this gold-for-oil policy are very crucial. If it doesn’t solve the escalating fuel price situation, and it doesn’t solve the cedi depreciating, then we should stop the politicians from meddling in fuel or trading completely.
“Because that will not be the situation Ghanaians are clamouring for. The numbers they will put up for the coming week will determine whether we are able to stimulate the market downwards or we are able to sustain prices where they are. Or there are some benefits to be derived as a people. If there are no benefits, then it will be difficult to go to the Bank of Ghana (BoG) to ask for money to trade in oil, we will be burnt on all sides,” Mr. Amoah said.
It would be recalled that fuel prices in Ghana went up on Saturday, January 21, 2023, for the second pricing window after weeks of decline.
This situation was characterised to the low performance of the Ghanaian cedi against the dollar.
This led to the introduction of the “Gold for oil policy” by the government to stabilize the situation.
Ghana took delivery of the first consignment of 40,000 metric tons of oil from the United Arab Emirates on January 15, 2023.
