Fuel could hit GH¢17 per liter if cedi depreciation continues - IES

Executive Director of the Institute of Energy Security, Nana Amoasi III, has stated that Ghana may not benefit from the reduction in global fuel prices due to the depreciation.

According to him, Ghana will continue to gain little or nothing from the reduction in fuel prices until the cedi begins to appreciate.

“Prices on the global market have gone down, but our consumers may not benefit from that because our local currency, the cedi, which is the key variable in the determination of local market prices keeps depreciating against the imparting currency being the dollar,” he is quoted by citinewsroom.com.

“If the cedi continues on this tangent, then the Ghanaian consumers may not benefit from any price reduction on the international market. If we are not fortunate, and we keep seeing increases in prices we will see our prices go up. We may start selling a litre for 17 cedis,” Nana Amoasi III stressed.

The Ghana Cedi is currently sold at GH¢10.51 at some forex bureaus in Accra.

However, petrol and diesel are selling above GH¢11 and GH¢13 at various fuel pumps despite some reductions on the global market.