The Chamber of Oil Marketing Companies (COMAC) has asked the government to ensure that the cedi remains stable to ease the pressure on fuel prices at the pumps.

According to the Board Chairman of the Chamber of Oil Marketing Companies (COMAC), Gabriel Kumi, the performance of the cedi has a ripple effect on fuel prices.

This comes after the recent depreciation of the cedi to sell at GH¢12.15 as of September 15, down from GH¢10.05 a few months ago.

Cedi weakens further, hits GH¢12.15 against the dollar

“At the media engagement, the President gave certain assurances that the Finance Ministry and the Economic Management Team are working very hard to stabilise the cedi. The depreciation of the cedi contributes to a very large extent towards the increment we have seen in recent years in the price of the product, but comparatively, it is still good.

“If you look at the fact that this government took the cedi from about GHȼ17 to a dollar and we are now around GHȼ12 to a dollar, it is still good, but what this current government needs to do is to make sure that they put a tap on the cedi so that it doesn’t go up any further," he said, as quoted by citinewsroom.com.

Kumi, however, noted that if the current depreciation is not tackled as soon as possible, Oil Marketing Companies will have no choice but to increase prices at the pump.

“If the cedi goes up, we at COMAC have very little control over the pump price. Our goal is to ensure that the price of the product continues to remain low,” he said.

SSD/AE

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