Stable cedi, lower crude set stage for cheaper fuel – Petrosol CEO
Consumers could see further relief at the fuel pumps as falling international crude prices and the relative stability of the Ghana cedi ease pressure on petroleum prices.
Petrosol's CEO, Michael Bozumbil, has indicated that consumers may experience further fuel price relief due to falling international crude prices and the stability of the Ghana cedi. Speaking on Joy News' PM Express Business Edition, Bozumbil assured that Petrosol expects fuel prices to remain steady in the upcoming pricing window.
The CEO emphasized that consumers should not anticipate an increase in fuel costs. Bozumbil noted that the company is currently evaluating potential price reductions, but has not determined the extent to which they may fall. The stability of the cedi plays a crucial role in determining whether international price reductions translate into cheaper fuel for consumers.
Past instances have shown that a weakening cedi can negate the benefits of lower international petroleum prices. Bozumbil highlighted that the cedi's stability has contributed to price stability, as even when international prices decrease, a depreciating cedi has led to price hikes at local fuel stations. He attributed this issue to consumer confusion, as they see global oil prices falling but face higher prices locally.
Bozumbil also pointed out that deregulation has played a beneficial role in ensuring market advantages reach consumers, especially during favorable market conditions. The CEO reiterated that global petroleum prices and the strength of the local currency will continue to impact pump prices, with the cedi's strength being particularly helpful.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
