Dr. Mohammed Amin Adam, a former Deputy Minister of Energy, has revealed that Ghana will receive more metric tons of fuel under the Gold for Oil policy before the end of March.
He claims that Ghana will receive over 100,000 metric tons of fuel between March 21 and 30.
According to the government, the gold for oil policy is intended to help relieve pressure on the cedi and bring in cheaper fuel.
Dr. Amin Adam told Citi News that the metric tons of fuel the country has received in recent times have been more.
“Today, we are expecting 40,000 tons of oil and then on 21st, we will be receiving 30,000 tons of petrol and then on 24th and 30 of March we will be receiving gasoline 40,000 tons and 35,000 tons respectively and so the volumes that are coming have increased.
Vice President Dr. Mahamudu Bawumia has announced that consumers of petroleum products should expect a further decrease in the prices of fuel at the pumps as a result of the implementation of government’s Gold for Oil Policy.
Already, the national average price for petrol and diesel currently stands at GH¢13.53 and GH¢13.69 respectively.
”In my humble opinion, it is the most important macro-economic policy intervention to deal with the exchange rate depreciation, fuel price, and food price issues that we have had. We have not only seen a decline in prices of fuel from GH¢23.00 per litre to around GH¢12, but we have also seen stability in the exchange rate.”
He also reiterated government’s efforts at addressing the dwindling foreign currency reserves and increasing living costs adding that the policy is the most important macroeconomic policy intervention to deal with exchange rate issues and fuel price problems.
But industry players have insisted that the recent drop in fuel prices is due to a global drop in crude oil prices and that, the drop cannot be attributed to the government’s Gold for Oil policy.