How gold for oil policy dey reduce fuel prices for Ghana

Fuel prices start dey drop at de pump for between 3%-10% after govment introduce dia gold for oil policy.

One litre of petrol previously dey sell around national average of GH¢13.53 and GH¢13.69 for diesel.

As at de time of this report, one litre of petrol drop to Ghc12.95 across de major pumps while diesel dey sell at Ghc13.49.

Vice President Dr Mahmoud Bawumia announce late last year say govment dey explore wit de new gold for oil policy where dem go buy oil wit gold instead of cash.

De Gold for oil policy according to govmemt go help reduce de pressure on de already weak Ghana cedi den bring in cheaper fuel in exchange for gold.

BBC Pidgin checks show say some of de major oil marketing companies start dey reduce fuel prices at de pump.

Fuel prices are expected to fall between 3% and 10% starting today. #CediRates

Prices have started to change a lot today so check our website for the latest https://t.co/4cO6dFMACL pic.twitter.com/vZDbXaVAeF

— CediRates.com (@CediRates) March 16, 2023

Ghana inflation drop again to 52.8%

Inflation rate for drop for de second time dis year to 52.8% for de month of February from de 53.6% in January.

Dis reduction in inflation be partly due to de stability of de Ghana cedi since January 2023.

Samuel Kobina Annim, Government Statistician reveal say dem measure prices for de February 2023 inflation rate from 47,877 products from 57 markets across de 16 regions of Ghana.

With de stable cedi, de fuel prices dey also see some stability according to some critics, no be gold for oil policy dey cause reduction in fuel prices.

Inflation for Ghana rise from about 13% in January 2022 to around 33.9% by September and 54.2% in December 2022.

De high inflation rate come with associated economic challenges which increase living costs for Ghanaians who dey spend more on food, goods, shelter den tins.

According to Ben Boakye, Executive Director at Africa Center for Energy Policy, de current stability in Ghana cedi, inflation rate and international oil prices be major contributing factor to de fuel price reduction in de country.