Business News of 2014-07-07

Don’t meddle so much in pricing – BDCs tell gov’t

Chief Executive Officer of the Ghana Chamber of Bulk Oil Distribution Companies (BDCs) Senyo Hosi has called on government to stay off issues to do with pricing of petroleum products and rather obtain funding confidence for stakeholder industries.

According to him, establishing funding confidence for the BDCs, for example, may marginally reduce the chances of the country being plunged into periods of fuel shortages.

Speaking on TV3’s Consumer Watch on Sunday, July 06, Mr Hosi revealed that fuel supply is sometimes completely shut to Ghanaians because the right price of the products is not what Ghanaians are paying.

“Currently, we are subsidizing very heavily more than before,” he indicated.

He suggested that government can consider withdrawing subsidies by explaining to the Ghanaian consumer – who will then have to pay 30 per cent more – what the benefits would be.

“[Government] meddles so much in pricing,” he noted, suggesting that if funding confidence is boosted the banks will always be ready to provide letters of credit to enable the BDCs stand fuel from high-sea vessels.

« Previous | Next »
View Comments
News Categories
Site Menu