Gold for oil policy: COPEC predicts a decline in fuel prices this week

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The price of petroleum products may decrease if the government-secured oil is made available this week, according to Duncan Amoah, Executive Director of the Chamber of Petroleum Consumers, Ghana (COPEC).

After weeks of reduction, fuel prices spiked on Saturday, January 21, 2023, for the second pricing window.

Many stakeholders blamed the local currency’s instability against the dollar for this circumstance.

To remedy this situation, the government began the “Gold for oil policy”.

Ghana received 40,000 metric tons of the first consignment under the scheme from the United Arab Emirates on January 15, 2023.

If the commodity is distributed quickly, the executive director of COPEC is optimistic that the price will fall.

“The numbers pertaining to this gold-for-oil policy are very crucial. If it doesn’t solve the escalating fuel price situation, and it doesn’t solve the cedi depreciating, then we should stop the politicians from meddling in fuel or trading completely.

“Because that will not be the situation Ghanaians are clamouring for. The numbers they will put up for the coming week will determine whether we are able to stimulate the market downwards or we are able to sustain prices where they are.

Or there are some benefits to be derived as a people. If there are no benefits, then it will be difficult to go to the Bank of Ghana (BoG) to ask for money to trade in oil, we will be burnt on all sides,” Mr. Amoah said.

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