The National Petroleum Authority has explained that Oil Marketing Companies (OMCs) have been given room to continually increase prices at the pumps in order to avert a shortage of petroleum products. Petrol is currently selling at a minimum of 17 cedis while diesel sells at a minimum of 22 cedis for the first pricing window of November. However, some oil marketing companies adjusted their prices even before the pricing window.
In an interview with Citi News, the Director of Communications at the NPA, Mohammed Abdul-Kudus, indicated that the oil marketing companies were left with no options following the constant depreciation of the Ghana Cedi. “Given the fact that the products are actually bought from the world market in dollars, anytime the dollar changes, it affects the character of the pricing. ”
“Yes, we ought to have been operating with the two weeks window framework, but because of the volatility of the cedi against the dollar, and the fact that you ought to be a little flexible with what will be established with the windows within which the prices are supposed to be varied.”
