Chief Executive Officer (CEO) of the Chamber of Bulk Oil Distributors, Senyo Hosi has hinted of a review of petroleum prices next week.
Speaking in an interview with host Nana Yaw Kesse on "Kokrokoo", Senyo Hosi indicated that the fuel prices may see a downward adjustment after the review of the prices.
According to him, the National Petroleum Authority (NPA) has given directives for the oil distributors to revise the prices every two weeks.
He therefore disclosed that the price review will be done on Wednesday June 15, 2015.
“For now, that’s what the NPA has told us. I’m sure it will become a daily affair when they finalize the legal structures. If they finalize the legal structures, it will be an individual affair. If you want to fix your price for one month, it’s your business. If you want to fix it one week, it’s your own issue. If you want to fix it one day, it’s your own case…
“As at now, considering the indicators I see, I don’t really believe it will result in an increase for now. It may even reduce.”
He further made clarifications regarding the fuel price fluctuations, saying the exchange rate of foreign currencies is the main driving force that compels the oil distributors to either increase or decrease the prices.
He was however optimistic that there will be an ease on the price index.
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