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Gold for oil policy won’t make fuel affordable – COPEC

The Chamber of Petroleum Consumers (COPEC), Duncan Amoah, says thw prices of petroleum products will not be reduced as a result of the Gold for Oil Policy that will be rolled out by the government.

Ghana took delivery of its first cargo under the gold for oil policy over the weekend.

Amoah in an interview with Starr FM urged Ghanaians to disregard reports that the new oil policy will lead to the reduction of petroleum products should the 40,000 tons expected to be distributed hit the market.

“It is misreporting from your media colleagues. I don’t know what they are seeking to get out of that. But if they want to support gold for oil it is their problem. The truth is that the cost of the product itself you’ve not suggested.

“But again, it can only be fair to the political communicators around the gold for oil who say that the oil is going to be cheaper. So, we say well if they have that magic to make the oil cheaper. We will be happy to see how that turns out.”

However, the Vice President, Dr. Mahamudu Bawumia has assured Ghanaians that the Gold for Oil policy will make fuel cheaper in the country.

But Amoah again argued that the policy may reduce pressure on the country’s currency.

“This is our test cargo, it is the cargo to test the framework if everything that has been put in place will work, by the grace of God the Framework will work and if that should happen we are going to save a lot of foreign exchange and reduce the pressure on our currency.”

 

Source: Myxyzonline.com

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