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The petroleum marketing companies (WTO) have warned that the price of fuel could rise further if nothing is done to combat the continued fall of the cedi.
According to the WTO, they will be powerless against rising prices at the pump if the local currency does not resume quickly.
"We import them and, whenever we import something, we maintain a dollar-cedi relationship and that's all. Although the price is rising but with the arrival of the cedi, it only makes things worse. But we hope it will change, because if it continues to go down, there will be problems,Kwaku Agyeman Duah, president of the Association of Petroleum Marketing Companies (AOMC), told Citi FM, based in Accra.
WTO threatens to raise fuel prices if cedi depreciation is not curbed. Source: Citinewsroom.com
Source: UGC
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This comes after the Institute of Energy Security (IES) predicted earlier that the depreciation of the cedi would be a major factor in the rise in fuel prices at the pump for the first quarter of March.
The cedi broke the 5 ¢ mark after breaking a record of depreciation.
Currently, the cedi has declined to 5.55 per dollar, its lowest level since Bloomberg started keeping records in 1994.
The country's economy has also been extensively reviewed following complaints from a portion of the population regarding the rapid depreciation of the cedi against the US dollar.
Meanwhile, Finance Minister Ken Ofori-Atta badured the public that the cedi would stabilize in the next two weeks.
According to him, the government is working to put an end to the rapid depreciation of the cedi in order to restore confidence in companies.
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Speaking to reporters outside Parliament on Wednesday, the minister said that large inflows of foreign currency should soon arrive in the country to help reverse the situation.
"We have about $ 300 million from COCOBOD and an additional $ 600 million from COCOBOD in about a month or so. We have officially launched our Eurobond which will rise to $ 3 billion and should be finalized in the coming weeks.Says Ofori-Atta.
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Source: Yen.com.gh
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