{"id":130197,"date":"2015-07-01T06:30:39","date_gmt":"2015-07-01T06:30:39","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=130197"},"modified":"2015-06-30T21:58:04","modified_gmt":"2015-06-30T21:58:04","slug":"fuel-prices-may-exceed-15-senyo-hosi","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=130197","title":{"rendered":"Fuel prices may exceed 15% &#8211; Senyo Hosi"},"content":{"rendered":"<p style=\"text-align: justify;\">The Chief Executive officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has defended the Chamber&#8217;s decision to increase fuel prices by 15% saying the increase could even be more.<\/p>\n<p style=\"text-align: justify;\">\u201cBarring any particular policy decision, as far as subsidies are concerned, prices are supposed to go up, it may be probably a little higher than that [15%]. And that is a function of the regular pricing structure,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">[contextly_sidebar id=&#8221;0nXgg1dN0WNn1fXWLQXJOVyuWTWNVpj5&#8243;]Prices of petroleum products are <span style=\"color: #666699;\"><a style=\"color: #666699;\" href=\"http:\/\/4cd.e16.myftpupload.com\/2015\/06\/30\/petroleum-prices-to-go-up-by-15-tomorrow\/#sthash.CHvehjsI.dpbs\" target=\"_blank\"><strong>expected to go up by 15% on July 1<\/strong><\/a><\/span>.<\/p>\n<p style=\"text-align: justify;\">The increases has been attributed to impending increase in foreign exchange rates.<\/p>\n<p style=\"text-align: justify;\">Speaking <strong>on Eyewitness News<\/strong>, Senyo Hosi explained that though \u201cthe world market prices have not changed too materially\u201d he said \u201ceverything has been the exchange rate which is an obvious situation now.\u201d<\/p>\n<p style=\"text-align: justify;\">\u201cThe other thing is that the last review by the NPA, prices had to go about 17% but government\u00a0 let it go up by just 4% because there was a policy intervention decision to have government bear about 13% of that cost and that also fix into the needs of this increment.\u201d<\/p>\n<p style=\"text-align: justify;\">He insisted that the increases &#8220;is not a decision being made by the BDCs,\u201d saying is \u00a0\u201ca price formula\u201d which is being adhered to.<\/p>\n<p style=\"text-align: justify;\"><strong>Gov\u2019t intervention cost state \u00a0GH<\/strong><strong>\u00a265 million<\/strong><\/p>\n<p style=\"text-align: justify;\">\u00a0Senyo Hosi further noted that government\u2019s intervention alone cannot save the situation.<\/p>\n<p style=\"text-align: justify;\">He added that the only way government could help is to manage the exchange rate.<\/p>\n<p style=\"text-align: justify;\">\u201cIn the last two weeks, government intervention alone caused the state\u00a0 GH\u00a265 million and for us to even do that, the BDCs\u00a0 had to even give up a part of their margin. About 20-30% of their margin, they took a hitch for government to introduce this into the entire process. The Oil marketing companies also took 4% off their margins. We are all trying to sacrifice to get things going. But we need to have a standard model. The only thing that government can do in a real market economy is to manage the exchange rate as far as monetary policy is concerned,\u201d Hosi added.<\/p>\n<p>The cedi has fallen by more than 20% to other major trading currencies between January and June 2015.<\/p>\n<p>This will be the third time, prices of petroleum products will be increased after the International Monetary Fund\u2019s (IMF) three year bailout programme materialized.<\/p>\n<p style=\"text-align: justify;\">&#8211;<\/p>\n<p style=\"text-align: justify;\">By: Godwin A. Allotey\/citifmonline.com\/Ghana<\/p>\n<p><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/AlloteyGodwin\" data-show-count=\"false\">Follow @AlloteyGodwin<\/a><br \/>\n<script>\/\/ <![CDATA[\n!function(d,s,id){var js,fjs=d.getElementsByTagName(s)[0],p=\/^http:\/.test(d.location)?'http':'https';if(!d.getElementById(id)){js=d.createElement(s);js.id=id;js.src=p+':\/\/platform.twitter.com\/widgets.js';fjs.parentNode.insertBefore(js,fjs);}}(document, 'script', 'twitter-wjs');\n\/\/ ]]><\/script><\/p>\n<p style=\"text-align: justify;\">\n","protected":false},"excerpt":{"rendered":"<p>The Chief Executive officer (CEO) of the Ghana Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi, has defended the Chamber&#8217;s decision to increase fuel prices by 15% saying the increase could even be more. \u201cBarring any particular policy decision, as far as subsidies are concerned, prices are supposed to go up, it may be probably [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":111759,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[43,38],"class_list":["post-130197","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-foresight-medical-center","tag-palaver-newspaper"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/130197","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130197"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/130197\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/111759"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130197"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130197"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130197"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}