Gold-For-Oil Has Nothing To Do With Fuel Price Reduction; IES Clarifies
The prices of fuel at the various pumps dropped on Thursday, February 16, 2023, the second pricing window of February and the Institute Of Energy Security (IES) attributed it to the international market indicators and the forex.
The Institute says the drop has nothing to do with the government’s Gold-For-Oil programme.
On Thursday, Goil reduced the price of a litre of diesel from GHC 15.25 to GHC14.90, on the other hand, a litre of petrol was reduced from GHc15.25 to GHC 14.50.
The Research Analyst at the IES, Adam Yakubu, said this reduction is due to factors other than the Gold-For-Oil policy.
“Let me state that what we are reporting at the moment is not as a result of the gold-for-oil policy”, he noted according to Citi news
He, however, attributed it to the cedi’s performance and the reduction in petroleum products on the international market.
Reports indicate that crude price on the international market has reduced to $82.89 per barrel from $86.14.
The first consignment of the Gold-For-Oil policy arrived in Ghana in the middle of January 2023 but its influence on fuel at the pumps is yet to be felt.
The IES said the effect of the programme may reflect on the prices of fuel from next month.
“But the government has also given indications that early weeks of March, we will be receiving more consignment from the gold-for-oil policy. So let me say that from now till the end of the window, we might not see much from the gold-for-oil policy”, Mr Yakubu is cited as saying.
The programme, according to the NPA, will curb the occasional increases in petroleum prices.
Source: opemsuo.com/Hajara Fuseini
