BoG supply BDCs $60m in forex for fuel imports
The Central Bank has made available, some $60m in foreign exchange to Bulk Oil Distribution Companies (BDCs) for fuel imports.
Sale of US dollar to the BDCs was made in a forex forward auction by the Central Bank.
The 30-day tenor forex auction by the BoG was subscribed by 28 BDCs who through their banks submitted bids ranging from GHS 9.70 to GHS 9.95.
The BoG’s forex forward rate for the auction was GHS 9.84, below the minimum forex forward rate of GHS 10.00 charged by most commercial banks in the country.
It is however, higher than the September 2, 2022 auction forward rate of GHS 9.75 charged by the Central Bank.
According to the BoG, the forward auction is intended to minimise the uncertainty of the future availability of forex and aid price discovery especially for the general pricing window within the downstream sector.
With the exclusive forex forward auction to BDCs by the BoG, prices of imported fuel at the pumps is expected to witness some stability.
Meanwhile, in the just-ended pricing window, fuel sold at all Oil Marketing Companies (OMCs) monitored increased by roughly 3% for diesel and 7% for petrol on average terms.
The national average price per litre of diesel stands at GHS 11.30, up from GHS 10.95 in the last window, representing a 3.19% increase.
Petrol’s national average price per litre stands at GHS 14.45 from a previous average of GHS 13.42, representing a 7.68% increase.
Bdcs Fx Forward Auction Result No 0012 1 by Fuaad Dodoo on Scribd
