By April 1, 2022, the Ghana Chamber of Bulk Oil Distributors (COBD) predicts a price drop of up to Ghc1 per litre in petrol and diesel.
This followed multiple meetings between the COBD and the Bank of Ghana (BoG) and other stakeholders to devise actions aimed at lowering pump prices.
Additional initiatives have been agreed upon, according to Senyo Hosi, the Chamber’s Chief Executive, and are expected to reduce rates by Friday.
“The key thing that will really deal with the challenges we have will be the exchange rate interventions that government is looking at together with the Central Bank. Come April 1; we should be able to see a better position on petroleum prices. We will be looking at something close to a cedi under litre or half a cedi under a litre,” he said.
Senyo Hosi previously stated in an interview with JoyNews that once these measures are implemented, customers will have some relief.
“We’ve been engaging the BoG. I think they release about $160 million to the entire energy sector, so not just the BDCs. I think they did some, but not in a very structured way as we would have wanted to be done. It was very critical for the particular moment to reduce some tension,” he added.
e explained that the new interventions would help “develop a structure geared around the forex market to ensure that some of these interventions can cascade into lower pump prices as we currently see on the markets.”
The government announced a 0.15 cut in gasoline products last week, which was rejected by commercial transport companies.
Other transport unions, including the Ghana Private Road Transport Union (GPRTU), the Concerned Drivers Association of Ghana, and others, have expressed disappointment.
They believe that if the government had not absorbed anything, they would have been better off.