The Ghana Chamber of Bulk Oil Distributors (CBOD) has reassured consumers that fuel prices are unlikely to increase significantly by the end of April this year.
The Chamber stated that its assessment of key factors affecting fuel prices, such as the exchange rate, has been stable in the last week.
As a result, there may not be a substantial impact on the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG).
Chief Executive Officer of CBOD, Dr. Patrick Kwaku Ofori, addressed journalists in Accra and dismissed reports suggesting that petrol and diesel prices would rise to at least GHS18 per litre by the following week.
“Despite the fear-mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, which is far better than what happened the previous weeks.
“Now the price is GHS14.99 (per litre). It’ll get to GHS18 (per litre) unless the dollar hits maybe GHS15, but I can’t foresee the dollar hitting even GHS14 by even next week,” he said.
Dr. Ofori urged the public and “energy experts” to refrain from making uninformed projections that could create fear among consumers and impact investments in the sector.
He expressed concern about the impact of such speculation on consumer behavior and the volatility of fuel prices at the pumps.
Dr. Ofori also announced CBOD’s plans to organize training courses for journalists on fuel pricing components and market dynamics, among other informative engagements. These efforts aim to reduce misinformation and improve understanding of fuel pricing.
“We should be guided with some of our utterances. Forex commodities are sensitive to key elements within the sector and the economy. When people make certain speculations that are projections, we need to probe further,” he said.
After a period of relative stability, fuel prices have seen repeated hikes in the last four weeks, attributed to spikes in international prices and the depreciation of the Cedi against the US Dollar.
Currently, petrol and diesel are priced at an average of GHS14.99 and GHS14.80 per litre at the pumps.
Dr. Ofori highlighted that the performance of the Cedi against the Dollar and international market prices were the primary factors influencing the recent fuel price increases.
He mentioned that the Chamber is exploring innovative approaches to improve access to forex and alleviate pressure on the Cedi.
Contrary to claims that bulk oil distributors benefit from fuel price increments, Dr. Ofori explained that sometimes the Bulk Distribution Companies (BDCs) incur losses if their forex market projections exceed expectations.
Dr. Ofori also expressed concern about the potential impact of ongoing tensions in the Middle East on global fuel prices, particularly if exchanges between Israel, Iran, and Gaza escalate.
“We do not want the situation to escalate. Once it escalates, we should be certain that oil prices will go up,” he said.