Fuel prices expected to stay below GH¢18 - CBOD assures consumers

Amid concerns about potential price hikes, the CBOD emphasized the stability of key factors influencing pump prices, notably the exchange rate.

Dr. Patrick Kwaku Ofori, CEO of CBOD, addressed journalists in Accra, debunking reports suggesting petrol and diesel prices would surge to at least GHS18 per litre. He noted that despite the speculation, the exchange rate had remained relatively stable, sitting at GHS14.99 per litre currently.

Dr. Ofori urged caution against unfounded projections, highlighting their potential to sow fear among consumers and disrupt investment in the energy sector. To combat misinformation, CBOD announced plans to educate journalists on fuel pricing components and market dynamics.

The recent weeks have seen fuel prices fluctuate, attributed to international price spikes and Cedi depreciation against the US Dollar. Despite this, petrol and diesel are currently priced at an average of GHS14.99 and GHS14.80 per litre, respectively.

Dr. Ofori underscored the significance of the Cedi's performance and international market prices, clarifying that fuel price increments did not always benefit bulk oil distributors (BDCs), who sometimes incurred losses due to unexpected forex market fluctuations.

Internationally, tensions in the Middle East have raised concerns about potential impacts on global fuel prices. But Dr. Ofori emphasized the need to de-escalate these tensions to prevent further price hikes.