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Fuel Prices Set To Go Fown By ¢1 From April 1 – Chamber of Bulk Oil Distributors

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Govt Announces Reduction In Fuel Prices

The Ghana Chamber of Bulk Oil Distributors (COBD) has read an up to ¢ 1 per litre reduction in energy prices by April 1, 2022.

This follows several engagements the COBD had with the Bank of Ghana (BoG) and stakeholders to fashion out interventions, aimed at reducing the prices at the colorful pumps.

The Chief Executive of the Chamber, Senyo Hosi, says fresh measures have been agreed upon and are anticipated to reduce prices 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, 2022; we should be able to see a better position on petroleum prices.

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“We will be looking at something close to a cedi under litre or half a cedi under a litre,” he said.

In an earlier interview with JoyNews, Senyo Hosi said once these measures are enforced, there will be some relief for consumers.

“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 noted.

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He explained that the new interventions would help “ develop a structure geared around the forex request to insure that some of these interventions can waterfall into lower pump prices as we presently see on the requests.”

Last week, the government blazoned a ¢0.15 reduction in petroleum products, which marketable transport drivers rejected.

The Ghana Private Road Transport Union (GPRTU), the Concerned Motorists Association of Ghana and other transport unions say they’re disappointed.

According to them, they would have been better off if government hadn’t absorbed anything.

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In an interview with JoyNews after the Finance Minister blazoned the reduction, the Prophet for GPRTU, Imoro Abass, indicated that the motorists would be agitating a farther increase in transport fares.

“If this is all they can do for us, I will say we are ungrateful. The ¢0.15 is woefully inadequate, so we’d have to meet and decide on which way we are going to move,” he said.

Energy prices have increased within the last two-week period across major pumps in the country.

Numerous Canvas Marketing Companies have been dealing at an normal of ¢9.70, ¢9.99 and ¢ 11.

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