Cedi Depreciation: Oil Marketers threaten to increase fuel prices
Despite a near five percent increment in fuel prices a fortnight ago, the Oil marketing companies (OMCs) in Ghana are threatening further increment if the local currency continues to performing poorly as it is now.The Oil Marketers are bemoaning the dire impact the cedi depreciation is having on their operations.
The local currency has depreciated more than 8.5 percent this year, recording GHS5.74 from GHS4.99 at the beginning of the year in forex bureaus.
The Chief Executive Officer of the Association of Oil Marketing companies (AOMC), Kwaku Agyeman Duah in an interview said, the depreciation of the cedi poses serious issues for the downstream sector if not stabilized soon.
“We import and anytime we import something, we have that cedi – dollar relationship and that is it. Although the price was going up but with the cedi coming in, it makes it worse. But we hope it changes because if it keeps going down like this then there will be trouble,” he warned.
The Institute of Energy Security has also predicted that, prices of fuel will reach an all-time high within the second pricing window in March.
The IES says fuel prices could go up by 2.5%.