We’re keeping fuel prices fair, not raising them to fund new imports – CBOD

The Ghana Chamber of Bulk Oil Distributors (CBOD) has stated that its members have not raised fuel prices to fund new imports and are monitoring their behavior to safeguard consumers. Dr Patrick Kwaku Ofori, the CEO of CBOD, spoke on Joy News' PM Express Business Edition and rejected the notion of increasing prices on existing stocks to raise funds for the next shipment.

Ofori clarified that the chamber's members were transparent with the regulator and took internal measures to prevent exploitation of consumers. He explained that selling already imported products at their current prices enables distributors to recover their expenses, which in turn supports paying trading partners and banks financing their operations.

Ofori attributed the consistent availability of products to the ethical business practices of the members and their collaborative relationship with oil marketing companies. He assured consumers that supplies would remain stable through December and emphasized that cargo arrangements would help prevent fuel queues seen in other regions.

Ofori further assured the public and oil marketing companies that supply issues would not be a concern, noting that almost all major distributors had continued to deliver during the crisis, competing fairly and prioritizing serving Ghanaian consumers before considering exports to neighboring countries.