Although there has been a 15 percent reduction in prices of petroleum products on Monday, but the Association of Ghana Industries (AGI) has recommended more decrease in petroleum prices.
The association follows the higher currency level of the Cedi during the last weeks, with respect to the dollar and currencies of other countries.
According to Mr Asare Adjei, The President of the association There is a reduction in value of the dollar as well as the British pound. In the month of June the dollar was exchanged for GH¢4.32 but is now in July at GH¢3.66. Similarly the pound, which went for GH¢6.81 has fallen to GH¢5.62.
The bank of Ghana revealed that the Euro has also fallen from GH¢4.84 to GH¢4.05 and this fall is from the June 30 to July 8.
In the last two months the prices of petroleum products have been increased by over 20 percent. This increase was due to the changes in exchange rate as described by the members of the petroleum industry.
Crude oil prices will remain same in the international market, at US$58, which means that the companies which provide oil to pumps have to justification to increase the prices in the country.
BDCs mentioned the cause of high prices as the Ghanaian’s Cedi is deprecated so the prices of petroleum products are high, but now as the currency is getting stronger so the prices will must decrease on the petroleum products.
Now the public of Ghana is also supporting AGI by saying that prices were increased due to the depreciation of the Cedi so now the prices must be decreased as the Cedi is going to be strong.
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