Oil Marketing Companies (OMCs) are expected to review downwards, the prices of petroleum products today [Thursday].
The Chamber of Bulk Oil Distributors (CBOD) on Wednesday estimated that the reduction is likely to be pegged at 25%.
[contextly_sidebar id=”QbvaBHpoxNQAy1Ov7TqFnOmuBkFyaIza”]This reduction has been occasioned by the cedi’s recent appreciation against its major trading currencies.
Since the cedi began appreciating against the dollar, there has been enormous pressure on the OMCs and the BDCs to significantly reduce the prices of petroleum products which have gone up twice since June 15 when they were given the mandate to determine prices.
However, the former CEO of the Volta River Authority (VRA), Dr. Charles Wereko-Brobby is demanding a least, a 23% reduction from the OMCs.
He argued that the price indicators of the Bulk Oil Distributors show a decrease of over 25% so “if BDCs have dropped their price by 23% why are we not talking about 23% drop at the market place and why are we not talking about the fact that a cedi of two weeks ago is worth more than a cedi of today so maybe the OMCs should look at the value of their margins.”
By: Efua Idan Osam/citifmonline.com/Ghana