Business News of Friday, 20 March 2020Source: www.ghanaweb.comBe measured in your demand for fuel price reductions – Senyo Hosi to consumersSenyo Hosi, CEO for Chamber of Bulk Oil Distribution CompaniesThe Chamber of Bulk Oil Distributors (CBOD) is asking petroleum consumers across the country to be measured in their demand for reduction in fuel prices at the pumps. This follows calls by the Chamber of Petroleum Consumers (COPEC) requesting for the downward review of fuel prices at the various pumps to reflect the decline in the global crude oil prices. According to the Chief Executive Officer of the Chamber of Bulk Oil Distributors, there are several factors that go into the calculation of fuel prices before the ex-pump price is reached. Following that, COPEC believes consumers in Ghana should witness between 10-32 percent reductions in fuel prices even though the Oil Marketing Companies (OMCs) have reduced fuel prices by 5 percent. Adding that the situation has resulted in OMCs selling below the price estimation of the National Petroleum Authority and the Chamber of Bulk Oil Distributors.

Source: GhanaWeb March 20, 2020 14:37 UTC