The Ghana Chamber of Bulk Oil Distributors (CBOD) has allayed customer concerns that fuel prices would skyrocket by the end of April 2024.
The Chamber added that the scenario might not have a significant effect on the price of gasoline, diesel, and liquefied petroleum gas (LPG), saying that its evaluation of the factors that affect pricing at the pump, particularly the currency rate, had been stable during the past week.
Speaking to reporters in Accra, Dr. Patrick Kwaku Ofori, CEO of CBOD, refuted rumors that the cost of petrol and diesel will reach GHS18 per liter by the next week.
“Despite the fear mongering that the dollar was going to close at GHS 14, to be fair, it has been relatively stable, which is far better than what happened the previous weeks.
“Now the price is GHS14.99 (per litre). It’ll get to GHS18 (per litre) unless the dollar hits maybe GHS15 but I can’t foresee the dollar hitting even GHS14 by even next week,” he said.
Dr. Ofori pleaded with the general public and “energy experts” to stop issuing standardized forecasts that would incite consumer anxiety and affect industry investments.
He expressed the Chamber’s concern on the impact of such conjecture on consumer actions and the fluctuations in gas prices.
He declared that in an effort to combat false information on fuel pricing, CBOD will be hosting training sessions for journalists covering topics such as market dynamics and fuel pricing components.
“We should be guided with some of our utterances. Forex commodities are sensitive to key elements within the sector and the economy. When people make certain speculations that are projections, we need to probe further,” he said.
