The Chamber of Bulk Oil Distributors (CBOD) says reduction in the ex-refinery price of fuel products is likely to drop to about 25 percent , effective Thursday.
The Chamber thus reiterated that the rate remains as the structured pricing scheme which the Oil Marketing Companies, (OMCs), ought to adopt in computing their pricing on the market.
According to the newly launched fuel price indicator index, four commodities; petrol, diesel, LPG and kerosene are affected by the price liberalisation policy.
Speaking at the launch of the CBOD’s plan to publish the price indicators, the Chief Executive Officer (CEO) of the Chamber, Senyo Hosi stated that this reduction is as a result of the appreciation of the cedi against the dollar.
“One thing about the XPI that we should understand is that that is not necessarily what BDCs will also do. It is an indication of what fairly could be the case from the model that we have ….”
“BDCs may sell lower or may want to sell higher,they are at liberty but from our estimation and what we have seen the market be all this while, BDCs are likely to sell even lower than the XPI will show,” he explained.