Chief Executive Officer (CEO) of Chamber of Bulk Oil Distributors, Senyo Hosi, has proposed some measures to be put in place to halt the skyrocketing prices of fuel.
His comment comes at the back of series of demonstrations by transport unions.
Speaking on JoyNews’ NewsFile, Mr Hosi mentioned foreign exchange rate as one of the key areas to be taken into consideration.
According to him, though the Bank of Ghana is working hard to stabilise the country’s exchange rate, the authorities are pricing petrol at an exchange rate of around 6.6- 6.5 cedis.
Mr Hosi also revealed that hitherto, Bank of Ghana releases prices to the country from time to time at a rate of about 5.9 cedis.
This, he said, could be managed if the government takes a policy position that oil affects general economic life, hence the need to make conscious efforts to suppress the price of oil.
Mr Hosi believes new pricing of oil will directly affect petroleum prices which might reduce from the current 6.7 to 6.2 cedis.
The second measure, Mr Senyo said, is to relook at the country’s taxes and how to optimise them.