The Institute of Energy Security (IES) has sound the alarm that, consumers may have to brace up for higher fuel prices of fuel if depreciation of the cedi is not tamed.
According to the IES, despite the drop in global market, Ghanaian consumers may not benefit if the cedi continue to be weak against the major trading currencies.
The Executive Director for the Institute of Energy Security, Nana Amoasi III in an interview with Accra based Citi FM said, although fuel prices may reduce, the instability of the Cedi is set to erode all the gains that could have been made in the oil sector.
“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.”
“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.”
The Cedi has lost almost 30% of it value since the start of the year, raising concerns as prices of goods and service soars.
Fuel prices have not been spared as it keeps increasing. The almost weekly increase has affected transportation fare in the Country.
source: theGhanaianvoice.com