He is quoted by the Daily Graphic as saying, “one good news is the performance of the cedi against other major foreign currencies, especially the dollar. The performance of the cedi is another motivation for the reduction.”
He assured the general public that the prices of the product will continue to be reviewed downwards “so long as the cedi rises and the world market price of refined products reduces.”
Since the National Petroleum Authority (NPA) transferred its responsibility of pricing petroleum products to the Bulk Oil Distribution Companies (BDCs) and the Oil Marketing Companies (OMCs), petroleum prices have been increased twice.
In June, petroleum prices were increased by 4% and in July, it went up by 15%.
The increment was attributed to the cedi depreciation against major trading currencies.
According to government, delegating its pricing duties to the OMCs and BDCs forms part of the full deregulation of the petroleum downstream sector in order to remove petroleum subsidies, as well as promote competition in the industry.