The Chief Government Officer of the Affiliation of Oil Advertising Corporations (AOMCs) says Ghanaians might quickly get pleasure from considerably decrease gasoline costs on the pump if the cedi continues its latest run of stability.
Dr Riverson Oppong, talking on JoyNews’ PM Specific on Monday, Could 26, projected that petrol may drop to as little as GH¢12 per litre by the following pricing window if the cedi holds regular.
“Consider me, within the subsequent window, we’re even foreseeing petrol promoting for ¢12,” he mentioned. “The forecast can be by Thursday if the cedi continues with its stability.”
He defined that the power of the cedi is now enjoying a significant position in bringing aid to shoppers, notably within the conversion of worldwide gasoline costs from {dollars} to Ghana cedis.
“So far as the cedi can be a really massive issue within the foreign exchange calculation—that’s changing from USD to cedi—we even have that affecting the pump value,” he famous.
Dr. Oppong mentioned the business is already seeing indicators of discount. “We’ve seen about a median of six to 10% lower coming from the fifteenth to thirtieth of Could,” he disclosed.
Whereas the information is welcome for shoppers, he identified that it comes with some challenges for presidency income.
“As we’re pleased with the downstream impact—that’s, the gasoline value taking place on the pump degree—you additionally see that there’s income discount in upstream,” he defined.
He was optimistic that the mix of a robust cedi and a steady worldwide market may assist maintain the development.
“With the plateauing of the worldwide benchmark costs, we’re more likely to see that, and we will be proud to have that impact on our shopper,” he added.
Dr. Oppong’s remarks come at a time when expectations are excessive amongst Ghanaians for additional aid on the pumps, following weeks of forex appreciation and easing international oil costs.
The following pricing window begins this week, and all eyes are actually on whether or not the GH¢12 per litre forecast will materialise.
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