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The Chamber of Petroleum Shoppers Ghana (COPEC) has requested the Financial institution of Ghana and the Financial Administration Workforce to take rapid steps to halt the quick decline of the Cedi towards the US Greenback to stabilise gas costs.
The Chamber attributed the continual hikes in gas costs to the “free fall” of the Cedi and cautioned that gas costs may hit “uncontrollable” ranges in future if the native foreign money was not stabilised.
In an interview with the Ghana Information Company, Mr Duncan Amoah, Government Secretary of COPEC, mentioned gas costs may hit GHS20 per litre by the tip of the yr if the speed of depreciation of the Cedi was not halted instantly.
“Financial institution of Ghana ought to discover some rapid resolution to halt the Cedi’s steep depreciation. No matter coverage intervention that our Financial Administration Workforce would want to place in place instantly to discover a technique to stabilise the cedi ought to be carried out,” he mentioned.
“Availability of greenback, if not addressed within the coming days, we is also hitting a gas scarcity state of affairs as nicely,” Mr Amoah added.
Some oil advertising firms on Monday morning, October 17, 2022, adjusted their costs upwards, promoting petrol and diesel for GHS 13.10 and GHS15.99 per litre respectively.
The changes symbolize greater than 10 per cent increment from the final pricing window, which closed on Saturday, October 15, 2022, with diesel and petrol then promoting at a median GHS11.05 and GHS 13.98 respectively.
Forward of the present pricing window, which opened on Sunday, October 16, 2022, COPEC and the Institute for Power Safety (IES) projected a rise in gas costs, citing the will increase in value of petroleum merchandise on the worldwide market, and the “vital decline” within the worth of the native foreign money towards the greenback because the catalyst.
Whereas COPEC projected an increment of about 10 per cent for each petrol and diesel, the IES estimated that costs would go up by about 7 and 12 per cent for petrol and diesel respectively.
“Between the present window and the following window due, crude oil value is noticed to have seen a rise of three.66 per cent from $89.46 to $92.73 per Barrel, while the Greenback index has additional gone up by about 4.08 per cent from GHS10.21 to GHS10.627 per Greenback as per Authorities fee (Conservative figures) although precise market charges are fairly increased presently,” COPEC mentioned in an announcement.
In its assessment of the final pricing window, the IES mentioned the Cedi depreciated by 2.5 per cent from the earlier fee of GHS10.53 to the present fee of GHS10.89, to the US Greenback.
“In IES’ estimation, customers of Gasoline and Gasoil might pay between 7 and 12 per cent extra for a litre on the pump within the subsequent two weeks, with Gasoil per litre value hinging near GHS15,” it mentioned.
The BoG not too long ago launched into a joint operation with the Police, which led to the arrest of 76 people and entities who allegedly engaged within the shopping for and promoting of foreign exchange with out license.
The transfer shaped a part of the Financial institution’s technique to sanitise the overseas change market and guarantee compliance with the nation’s overseas change laws.
Supply: GNA
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