Prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre.
The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market.
According to the Chief Executive, Senyo Hosi, the cedi which is depreciating among other major trading currencies is also a factor for the rise in the price of the commodities.
“This is not really with crude but with products on a metric tonne basis. You’re actually breaking the pair and likely breaking 11 as well, subject to which product and how the OMCs want to add some margins on their current prices.
“What you see from the OMCs publication is quite reflective of what the market situation is and I think a big chunk of it has to do with some of the onset increase around our current cedi issues,” he said.
In an interview on Joy FM’s News Night, Monday, Senyo Hosi however noted that “the Central Bank has been very proactive and cooperative with industry and we’ve been working on ways to help mitigate the impact on these key commodities.”
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