Fuel prices: Monthly indicators to tell you how much you’ll pay

The Chamber of Bulk Oil Distributors (CBOD) is set to publish consistently, the price indicators which show how fuel prices are computed and determined.

The indicators are the ex-refinery price (XPI) which estimates the ex-refinery price at which the BDCs may sell petroleum to Oil Marketing Companies (OMCs). 

This is based on the maximum allowable dollar indexed price the BDCs would have sold petroleum products under the immediate past regulated regime and converted in Ghana cedis at a reference foreign exchange rate.

The Oil Traders Index (OTI) which is an indication of the differences between the average actual traded ex-refinery prices by BDCs and the XPI.

The XPI and the OTI will be published on the 1st, 18th, 16th and 23rd of every month.

The publication of these indicators according to the Chief Executive Officer of the CBOD, Senyo Hosi, is aimed at empowering the consumer and the public with access to information about petroleum pricing and trends.

Senyo Hosi also stated that the XPI will equip consumers and stakeholders to make informed purchase decisions.

Launching the two indexes, a former CEO of the Volta River Authority (VRA) boss, Dr. Charles Wereko-Brobby lauded the initiative and stated it will ensure transparency in the pricing of fuel products which he insists is lacking.

Dr. Wereko-Brobby also stated that he does not expect anything less than a 23% decrease in fuel prices tomorrow since the BDCs price indicators show a decrease of over 25%. 

By: citifmonline.com