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.
The CEO of Petrosol, Michael Bozumbil, has stated that consumers in Ghana could experience further fuel price relief due to a combination of falling international crude oil prices and a stable Ghanaian cedi. Bozumbil, speaking on Joy News' PM Express Business Edition, assured that Petrosol expects fuel prices to remain stable in the next pricing window.
He explained that the company is closely monitoring international petroleum prices and the exchange rate movements to determine if prices could fall and by how much. Bozumbil emphasized that the stability of the cedi is crucial in translating lower international prices into cheaper fuel for consumers. Previously, a weakening cedi could negate the benefits of lower international prices.
He attributed the ongoing price stability to the cedi's stability, which has helped consumers benefit from global oil price declines. Bozumbil also highlighted the advantages of deregulation, especially in favorable market conditions, as it allows the benefits to reach consumers. He concluded that both global petroleum prices and the strength of the local currency will continue to influence pump prices.
Written by urgent.news from Joy Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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