The Chamber of Oil Marketing Companies (COMAC) has disclosed that the periodic increases in fuel prices are unavoidable as long as the country continues to rely heavily on imported petroleum products.
Chief Executive Officer (CEO) of the COMAC, Riverson Oppong, who made the assertion said the country’s status as a net importer of fuel makes the local market highly vulnerable to fluctuations in global petroleum prices and exchange rate movements.
“Rising prices seen at fuel pumps in Ghana are not unique to the country”, Mr. Oppong noted pointing out that other nations have experienced similar trends.
He cited Nigeria as an example, explaining that despite the presence of the Dangote Refinery, fuel prices there also rose significantly.
“You cannot expect to have cheaper fuel in a country where we are a net importer, and a huge net importer for that matter,” he stated.
Mr. Oppong comments follow the recent adjustment of fuel prices at the pumps by some Oil Marketing Companies (OMCs) following the projection that the current pricing window would witness one of the highest increases in recent times.
He explained that the global nature of petroleum pricing means countries that depend on imports are often forced to adjust domestic prices to reflect developments on the international market.
Mr. Oppong added that until Ghana significantly increases its refining capacity or reduces reliance on imports, fuel prices will continue to be influenced by global market dynamics.
A Business Desk Report