The Head of Research at the Chamber of Petroleum Consumers Ghana (COPEC-Gh), Benjamin Nsiah, has stated that the reduction of petroleum products on the global market will not reflect on the local market if our cedi keeps depreciating against the dollar.
He said the prices of gasoline or petrol keep declining on the global market at some significant rate.
However, that cannot reflect in the local space due to the cedi depreciation.
He was speaking on Frontline on Rainbow Radio 87.5Fm with host Kwabena Agyapong.
He added that the prices would further decline in the second week of August, but the major challenge we face in Ghana is the depreciation of the cedi.
The National Petroleum Authority (NPA), Abass Ibrahim Tasunti, recently announced that his outfit was expecting further fuel price reductions at the pumps from August 1, 2022, following the reduction in prices of Petrol and Diesel on the World Market.
He indicated that the NPA would be monitoring the pumps to see if fuel stations would comply with the directive.
But Benjamin Nsiah says the depreciation of the cedi is not helping Ghana to benefit fully, and that has been the challenge. If the cedi appreciates against the dollar, the price of petroleum products will reduce drastically”.