CBOD predicts about GH¢1 reduction in fuel prices by April 1

Government announces 15 pesewas reduction in fuel prices effective April 1

Finance Minister outlines measures to mitigate economic challenges

CBOD, stakeholders engage Bank of Ghana

The Ghana Chamber of Bulk Oil Distributors (CBOD) has predicted about GH¢1 reduction per litre in petroleum products from April 1, 2022.

According to the Chief Executive of CBOD, Senyo Hosi, the projection comes following engagements with other stakeholders and the Bank of Ghana regarding fuel price reductions at the various pumps.

In a Joy Business report, the CBOD boss indicated some additional measures have been agreed upon and consumers are expected to witness some reduction in petroleum prices by this Friday [April 1].

“The key thing that will really deal with the challenges we have will be the exchange rate interventions that government is looking at together with the Central Bank. Come April 1, 2022; we should be able to see a better position on petroleum prices," Senyo Hosi is quoted by Joy Business.

“We will be looking at something close to a cedi under litre or half a cedi under a litre,” he projected.

Meanwhile, government through the Minister of Finance, Ken Ofori-Atta last week announced a GH¢0.15 reduction in the margin for petroleum price-build up effective April 1, 2022.

The move, according to the minister is expected to mitigate the impact of rising petroleum prices at the pump covering a three-month period.

But the decision has been rejected by commercial operators who say their reduction is woefully inadequate and have vowed to move ahead with an increment in transport fares.

Since the start of this year, fuel prices have been surging across major pump in the country.

At the pumps, some Oil Marketing Companies have been selling petroleum products at around at an average of GH¢9.70, GH¢9.99 and GH¢11.