{"id":43786,"date":"2014-09-01T13:43:15","date_gmt":"2014-09-01T13:43:15","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=43786"},"modified":"2014-09-01T14:26:48","modified_gmt":"2014-09-01T14:26:48","slug":"hedging-wont-protect-ghanaians-from-fuel-price-hikes-hosi","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/09\/hedging-wont-protect-ghanaians-from-fuel-price-hikes-hosi\/","title":{"rendered":"Hedging won’t protect Ghanaians from fuel price hikes – Hosi"},"content":{"rendered":"
The government\u2019s decision to introduce hedging against rising oil prices will not protect Ghanaians from fuel price hikes, the Chief Executive of the Chamber of Bulk Oil Distributors Senyo Hosi has said.<\/p>\n
During the period of the hedging arrangement, the price of crude oil will be pegged at a particular figure over a period of time so that any price change during the time frame of the hedging would not be transferred to the consumer.<\/p>\n
According to Mr. Hosi, the current price of petroleum products in Ghana is not determined by the world market price of oil but by the depreciation of the cedi against major trading currencies.<\/p>\n
\u201cThe increment we have experienced mostly has not had much to do with the international price, but has more to do with forex. If you can develop a solution for that, then that is fantastic, but if they are not getting a solution for this core problem, which is the fx, then you can’t,\u201d he stated.<\/p>\n