The Association of Oil Marketing Companies (AOMC), has given reasons for the 3 percentage points hike in fuel price witnessed over the weekend.
Addressing the issue in a media interaction, Chairman of the Board of Governors of the AOMC, Henry Akwaboah, explained that the increment is as a result of continuing fuel price increments on the world market coupled with the current exchange rate level between the cedi and the dollar.
“Fuel prices are determined by prices on the world market and the exchange rate between the cedi and dollar,” he stated.
“Prices on the world market having been going up for the last month but Oil Marketing Companies (OMCs) have maintained their prices all this while, but we have gotten the point where it is no longer feasible for us to continue to absorb these costs,” he added.
Read: 3.5% increase in Brent crude oil, 0.35% cedi depreciation to further increase fuel prices – IES
Speaking further, Mr Akwaboah appealed to the consuming public to bear with OMCs across the country, asserting that consumers will be given value for money when they purchase fuel at the various pumps.
“We appeal to the consuming public to bear with us, we wish we could continue to absorb the costs but these are difficult times and at this stage it is very difficult to do that, so they need to bear with us. But we can assure them that they will get value for money when they go to purchase fuel at the pumps,” he intimated.
Oil prices on the world market have increased from $60 dollars in March this year to $73 dollars per barrel this month.
The 3 percentage points increment in fuel prices at the pumps has resulted in the prices of diesel and petrol shooting up to Ghs 6.23 pesewas from Ghs 6.05 pesewas per litre.
