Cedi-Dollar Ratio Is The Major Factor For The Prospect Increase In Fuel Prices; COPEC
Research, Planning and Monitoring Director of Chamber of Petroleum Consumers (COPEC), Mr. Sampson Addae has stated that, there are three determinants of fuel price increment which the Cedi to Dollar ratio plays a major role in projecting a prospective increment in fuel prices.
Speaking on Opemsuo Radio’s Nkwatananso morning show with Agudey, Mr. Addae highlighted on World Market price on fuel, taxes on fuel, and the Cedi to Dollar ratio as factors influencing fuel price increment and determining prospectively whether or not there will be an increment which the latter plays a major role.
He noted that, the government of Ghana does not have direct control over the world market price, but can virtually do something about the various taxes placed on fuel as well as the cedi’s strength and value at the international market.
The COPEC RPM Director disclosed that, Liquefied Petroleum Gas (LPG) price has decreased drastically in the world market while diesel and petrol seems to increase. He said, just as nothing shows on the side of government to ease some of the taxes placed on fuel coupled with the subsequent price at the international market shall spike a prospect increment in fuel prices, he added.
He said that the cedi which regained its strength and value recently at the international market has depreciated again contributing hugely to the future increment in the prices of fuel, he said.
Source: Opemsuo.com/ Effah Mensah William