
Audio By Carbonatix
The current slide in the value of the cedi could cause another increase in fuel prices. Joy business has learnt prices could go up by as much as ten percent to make up for foreign exchange losses.Though the bulk oil importers are currently buying the dollar at GH¢1 .61, the current price build up on petroleum products is based on an exchange rate of GH¢1.50.
Though there have been assurances from the National Petroleum Authority that the hedge policy would ensure that Ghanaians are insulated from any further increases, the authority has no control over the exchange rate and its implications on prices at the pump.The bulk distribution companies such as Chase petroleum, Fuel Trade and Cirrus Energy who import the petroleum products on credit for government say they are accumulating a shortfall of about three million dollars each month as a result of the decline in the value of the cedi.Joy Business checks indicate a total of nearly 20 million dollars has so far been accumulated as a result of the foreign exchange losses.The bulk importers say, unless government gives the guarantee that it will make up for the difference, it would have no choice but to pass it on to consumers.Meanwhile, Joy Business has learnt the National Petroleum Authority Monday engaged the Bank of Ghana over the concerns of the Oil importers.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Trump-backed political outsider wins Colombia election, initial count shows
20 minutes -
First round of US-Iran talks end with ‘encouraging progress’, mediators say
29 minutes -
Starmer considers political future as pressure to quit mounts
40 minutes -
Sabalenka loses deciding set 6-0 to Pegula in Berlin
5 hours -
The World Cup records that look set to be broken
5 hours -
VAR official who made hand gesture returns to duty
5 hours -
Liverpool reject £21.7m Inter Milan offer for Jones
5 hours -
Ten-man Belgium held by Iran in second World Cup draw
5 hours -
Doku criticised over plan to return home for birth
6 hours -
Lamine Yamal shows why this could be his World Cup
6 hours -
Serena Williams to make singles comeback at Wimbledon
6 hours -
Meloni tells Trump to ‘focus on your own popularity’ as row escalates
6 hours -
World Cup still waits for real Brazil to show up
6 hours -
Mahama jokes about Father’s Day gifts, compares bouquet haul to First Lady’s Mother’s Day surprise
6 hours -
NCPTA backs ban on extravagant school graduations, calls for return to discipline, character building
7 hours