Stakeholders in the petroleum sector believe that fuel prices are stable
Stakeholders in the petroleum sector are confident in the stability of the price of fuel products in the first quarter of 2023.
Prices of petroleum products fell in the first price window of 2023 with petrol selling at GH¢12.40 and diesel at GH¢14.60 at most pumps across the country.
Detailing the factors that led to the decline and optimism for the lower cost of petroleum products, the Executive Director of the Association of Oil Marketing Companies, Kwaku Agyeman Duah in an interview with Citi News‘ Nana Tuffour said, “Actually one of the things that happened on our side was the fact that the price fluctuated. [of the commodities] has gone down. During the period we also saw the cedi take up in value. We also have market forces helping us.
The Executive Secretary of Consumer Petroleum, Duncan Amoah said that, “some Oil Marketing Companies (OMCs) are doing well. I don’t like to keep mentioning Star oil because it seems as if it is price sensitive.
He said high expectations at the fuel pump leading to sell between GH¢ 10.00 and GH¢ 11.00 for gasoline, adding that they will join them to reduce prices a bit more.
“GOIL is only doing about 1% more than petrol and diesel. We would expect that at this point, GOIL, Shell, Total, and the big three will reduce the price to GH¢10.00 and GH¢11.00. Unfortunately, what we have now which is GH¢12.4 for petrol.We will continue to participate in order to reduce the reduction.
“The difference in the reduction is accounted for by those who pay cash for the product and those who buy it on credit. The larger OMCs are inefficient because we would be happy to see the price,” said Mr. Duncan.
On his side, Chief Executive Officer Chamber of Bulk Oil Distribution, Dr. Patrick Kwaku Ofori, explained that some of his members have been very proactive in landing some products that are relatively cheaper and consumers will benefit more.
“Currently, the World Bank has predicted slow economic growth in 2023, indicating that the demand for oil will fall. Once this happens, we can all expect that the demand will match the price. And we have the situation in China, which is currently causing many problems demand. And China increases its renewable energy up to 15% in 2022, if it will take a significant part of the demand for crude oil, then it is clear that the price in 2023 will decrease because there will not be many imports from China.
“Some of our members have been very proactive and innovative in the landing of some products that are relatively cheaper, but I think overall, the consumer / public will be a huge beneficiary,” Dr. Ofori underlined.
The Communications Manager of the National Petroleum Authority (NPA), Mohammed Abdul-Kudus, said consumers would benefit if fuel prices were stable.
“Some OMCs have lowered their prices, to reflect the dynamics of changes in the market. It is clear the weight of the cedi against the dollar, then certain marginal forces of the price of products in the international market. The combination of these two causes the decrease in fuel prices seen in the OMC since yesterday . So in the future, if the situation remains as it is now, we should have a fair price, which will be beneficial for consumers,” he said.
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