The Chamber of Bulk Oil Distributors (CBOD) is estimating a reduction of about 25 percent in the ex-refinery price of fuel products on Thursday.
This comes on the back of pressure on the Oil Marketing Companies (OMCs) to reduce fuel prices.
Speaking at the launch of the CBOD’s plan to publish the price indicators which show how fuel prices are computed and determined, the Chief Executive Officer (CEO) of the Chamber, Senyo Horsi stated that this reduction is mainly due to the appreciation of the cedi against the dollar.
“One thing about the XPI that we should understand is that that is not necessarily what BDCs will also do. It is an indication of what fairly could be the case from the model that we have ….”
“BDCs may sell lower or may want to sell higher,they are at liberty but from our estimation and what we have seen the market be all this while, BDCs are likely to sell even lower than the XPI will show,” he explained.
For his part the former CEO of the Volta River Authority (VRA), Dr. Charles Wereko-Brobby said he does not expect anything less than a 23% decrease in fuel prices tomorrow since the price indicators of the Bulk Oil Distributors show a decrease of over 25%.
“If BDCs have dropped their price by 23% why are we not talking about 23% drop at the market place and why are we not talking about the fact that a cedi of two weeks ago is worth more than a cedi of today so maybe the OMCs should look at the value of their margins,” he said.
“Actually I’m demanding it from the OMCs that they drop by at least 23% because Senyo has dropped 23%,” he stated.