The Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs) says Ghanaians may soon enjoy significantly lower fuel prices at the pump if the cedi continues its recent run of stability.
Dr Riverson Oppong, speaking on JoyNews’ PM Express on Monday, May 26, projected that petrol could drop to as low as GH¢12 per litre by the next pricing window if the cedi holds steady.
“Believe me, in the next window, we are even foreseeing petrol selling for ¢12,” he said. “The forecast will be by Thursday if the cedi continues with its stability.”
He explained that the strength of the cedi is now playing a major role in bringing relief to consumers, particularly in the conversion of international fuel prices from dollars to Ghana cedis.
“As far as the cedi is also a very big factor in the forex calculation—that’s converting from USD to cedi—we also have that affecting the pump price,” he noted.
Dr. Oppong said the industry is already seeing signs of reduction. “We’ve seen about an average of six to 10% decrease coming from the 15th to 30th of May,” he disclosed.
Source: By Myjoyonline.com