Gold for oil policy: Fuel prices may drop this week – COPEC

The Executive Director for the Chamber of Petroleum Consumers, Ghana (COPEC), Duncan Amoah, says the price of petroleum products may see a decline if the oil secured by government is distributed this week.

Price of fuel soared on Saturday, January 21, 2023, for the second pricing window after weeks of decline.

This situation was attributed by many stakeholders to the instability of the local currency against the dollar.

To remedy this situation, the government began the “Gold for oil policy”.

Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.

Executive Director for COPEC is optimistic price of the commodity might see a drop if the distribution of the commodity is done soon.

“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.