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Gold-for-oil accounts for only 22% of total consumption – AOMC

  • SOURCE: Citi Newsroom | qwesa2big
    • POSTED ON: March 17, 2023

    The Association for Oil Marketing
    Companies (AOMC) says the actual impact of the gold for oil policy cannot be
    truly assessed as products through the policy account for only 22% of the
    petroleum volumes at the pumps.

    The Association while acknowledging the
    potential impact on the pricing of the products, noted that a better
    appreciation of the impact of the policy will depend on the policy accounting
    for at least 50% of the volumes of fuel at the pumps.

    This follows comments by Vice President Dr
    Mahamudu Bawumia that the policy has resulted in a drop in fuel prices and
    assuring Ghanaians to expect a further drop in the next pricing window.

    According to the CEO of the association,
    Kwaku Agyeman-Duah efforts should rather be directed towards increasing the
    number of volumes supplied through the policy.

    “We have not been having a lot of fuel for
    everybody because the percentage for the total output is not that much so not
    everyone can get it. As we speak now, the supply so far constitutes just about
    22 percent of the market, so 22 percent will not have so much impact vs the 78
    percent on the other side, so it is a gradual thing.”

    Meanwhile, the African Center for Energy
    Policy (ACEP) has insisted that the recent drop
    in fuel prices
    is due to a global drop in crude oil prices.

    According to ACEP, the drop cannot be
    attributed to the government’s Gold for Oil policy.

    ACEP Executive Director, Benjamin Boakye
    believes the government should not take credit for the reduction.

    “If you are really analysing how the
    pricing mechanics work, you would note that it has nothing to do with gold for
    oil policy. We are seeing prices on the international market drop. Indications
    are that it is even going to drop further.”

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