Fuel prices won’t reduce over gold for oil policy – COPEC

Source The Ghana Report

The Chamber of Petroleum Consumers (COPEC) says Ghanaians should disregard reports that prices of petroleum products will be reduced as a result of the government’s Gold for Oil Policy.

According to the Executive Secretary for COPEC, Duncan Amoah, there will be no reduction at the pumps should the 40,000 tons of fuel hit the market.

While addressing the issue on Monday, January 23, Mr Duncan said the media got it wrong in their reportage of the impact of the policy on fuel prices in the country.

“It is misreporting from your media colleagues. I don’t know what they are seeking to get out of that. But if they want to support gold for oil it is their problem. The truth is that the cost of the product itself you’ve not suggested.

“So, you probably are unable to determine what and how much you are putting out there on the market. And so, if anybody is saying we say it is going to go down that is just misreporting. We haven’t said it is going to go down. We did the numbers and looked at plus or minus. It might not even affect the market,” Mr Duncan said in an interview on Starr FM monitored by The Ghana Report.

He added that “But again, it can only be fair to the political communicators around the gold for oil who say that the oil is going to be cheaper. So, we say well if they have that magic to make the oil cheaper, we will be happy to see how that turns out.”

Mr Duncan’s statement follows an earlier news report that indicated that the price of petroleum products may see a drop if the oil secured by the government in the gold for oil policy is distributed this week.

Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.

The Vice President, Dr Mahamudu Bawumia has assured Ghanaians that the Gold for Oil policy will make fuel cheaper in the country.


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