COMAC Predicts Fall in Petroleum Prices at Pumps
The Chief Executive of Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has predicted a fall in the price of petroleum products at the pumps.
He attributes this to the appreciation of the cedi and the fall of the US dollar in the global trade market.
“One of the biggest components in the price derivation of crude oil product prices in Ghana has to do with the forex”, he is quoted as saying by JoyNews in an interview.
He explained that the fall in the US dollar was causing a fall in the price of crude.
“As we speak now, the benchmark prices are falling as well, and the U.S. dollar is falling. That’s why you’ve seen petroleum product prices coming down. All the way from 15% to 13% today, on average.”
The fall is envisioned to continue as the Ghana Cedi and US Dollar continue on this trajectory, he said, adding that Ghanaian consumers will be the immediate beneficiaries.
“Indeed, we expect this to continue. As far as these two components play their roles, plummeting down or taking a nosedive, I believe that ordinary Ghanaians or you and I, will need to benefit from it from all angles.”
Source: opemsuo.com/Hajara Fuseini
