CBOD, the Ghana Chamber of Bulk Oil Distributors has announced that this week, there will be a 15 per cent reduction in petroleum product prices.
According to Senyo Hosi, the Chamber Chief Executive Officer, the decrease has become essential due to the peripheral decrease in the global market price for refined petroleum product prices.
He is cited by the Daily Graphics as saying that one good news is the Cedi’s performance against other main foreign exchanges, especially the dollar.
The Cedi’s performance is another motivation to reduce. Senyo Hosi assured the general public that the product price will continue to be seen downwards,so long as the Cedi rise and global market price of refined products decreased.
Since the NPA, the National Petroleum Authority has relocated its concern of pricing the petroleum products to the BDCs Bulk Oil Distribution Companies and the OMCs Oil Marketing Companies, petroleum product prices have been increased twice.
Petroleum prices were increased by 4% in June and it went up by 15% in July.