Mohammed Abdul-Kudus, the National Petroleum Authority‘s director of communications, said that his organization had permitted Oil Marketing Companies to change rates outside the allotted pricing periods.
He claims that doing this will stop Ghana from experiencing fuel shortages. The NPA blamed the weakening of the cedi for the rise in petrol prices.
According to him, “Any time the dollar fluctuates, it affects the character of the pricing given that the products are actually bought from the world market in dollars.”
He further said: “Yes, we ought to have been operating with the two weeks window framework, but because of the volatility of the cedi against the dollar, and the fact that you ought to be a little flexible with what will be established with the windows within which the prices are supposed to be varied.”
The price of petrol and diesel has increased to GH¢17 and GH¢23, respectively, at various fuel pumps in the country.