CBOD Rebuts Claims That Fuel Prices May Hit GH₵18 By End Of April

CBOD Rebuts Claims That Fuel Prices May Hit GH₵18 By End Of April

  • The Ghana Chamber of Bulk Oil Distributors (CBOD) says fuel prices are unlikely to see any major upward adjustment by the end of April
  • This was to dispel earlier speculation that the price of fuel could hit an astronomical GH₵18 per litre by next week
  • The CBOD CEO noted that such speculation should stop as it could affect price volatility at the pumps and cause consumers to panic

The Ghana Chamber of Bulk Oil Distributors (CBOD) says fuel prices may not see an astronomical increase by the end of April, as speculated.

The Chamber said this is due to the variables influencing the prices at the pump, most notably, exchange rate fluctuations remaining stable throughout last week.

CBOD Rebuts Claims Fuel Prices To Hit GH₵18 By End Of April
The CBOD CEO, Dr Patrick Ofori, said speculations could affect fuel price volatility. Source: Ghanaweb
Source: Getty Images

The Chamber argues that this will have little impact on petrol, diesel, and Liquified Petroleum Gas (LPG) prices.

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In a press conference at Accra, the Chief Executive Officer of the Chamber of Bulk Oil Distributors, Dr Patrick Kwaku Ofori, said claims that fuel prices would hit ₵18 per litre by next week were unfounded and should be disregarded.

The exchange rate as of April 22, stands at $1 to GH₵13.46.

According to Dr Ofori, fuel prices would rise to ₵18 per litre only when the dollar hits ₵15.

However, he noted that with how the cedi has been stable throughout the week, it’s largely unlikely that things will change within this week.

The CBOD CEO urged the public and so-called energy experts to stop the speculations as these could lead to consumers' panic and influence investments in the sector.

He said the Chamber was worried about how such speculation could affect price volatility at the pumps.

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To curb the situation, the CBOD CEO has announced plans to organise a training course for journalists on fuel pricing and market dynamics to reduce misinformation.

Two drivers’ unions increase fares

Meanwhile, following recent fuel price increments, the Concerned Drivers Association of Ghana and the Transport Operators Union of Ghana have hiked their fares.

They say the increment in fuel prices, as well as other prevailing economic conditions, have informed their decision.

They accused the government of failing to address their various concerns, leading to their tough decision.

However, this increment was followed by a sharp rebuttal by the Ghana Private Road and Transport Union (GPRTU), which said they have not approved any new fares and passengers must reject any upward adjustment.

They explained they were still in talks with the government to find an amicable solution.

Transport ministry to arrest drivers charging increased fares

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YEN.com.gh has reported that the Ministry of Transport has directed the police to arrest drivers charging increased transport fares.

The Ghana Private Road Transport Union also urged its drivers not to increase fares.

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Source: YEN.com.gh

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