The Chamber of Oil Marketing Companies (COMAC) has raised fresh concerns over the depreciation of the cedi, warning that renewed currency instability could push fuel prices higher in the coming weeks.
Board Chairman of COMAC, Gabriel Kumi, said while recent gains in the cedi had helped drive down pump prices, the latest slide in the local currency poses a direct threat to affordability.
“The depreciation of the cedi contributes to a very large extent towards the increment we have seen in recent years on the price of the product,” Mr. Kumi explained. “If the cedi goes up, we at COMAC have very little control over the pump price.”
Dr. Riverson Oppong, Chief Executive Officer of COMAC, echoed the concern, projecting hikes in the second pricing window of September. He noted that the latest pricing outlook already reflects the cedi’s fall, adding: “It will obviously affect the pricing from Monday.”
The Chamber is urging the government to put in place stronger measures to keep the cedi stable and pursue more comprehensive energy policies that ensure sustainability and self-reliance.
“If we want the sector to thrive and contribute to the economy, we need very solid and comprehensive policies that make the energy sector pay for itself and support growth,” Dr. Oppong stressed.
For now, oil marketing companies say they can only manage operational efficiency, while the bigger determinant of prices—exchange rate stability—remains in the government’s hands.
