The Chief Executive Officer (CEO) of the Chamber of Bulk Oil Distribution (CBOD), Dr. Patrick Kwaku Ofori has said that demand fall for oil will correspond to pricing.
According to him, the World Bank has projected a slow economic growth in 2023, indicating the demand for oil will most likely fall.
“Government initiative for gold for oil will also somehow impact on the pricing and demand for forex. We need to look at strategically how best we can position ourselves and collectively take advantage of the government’s initiative so that we can also benefit collectively as a group and we don’t allow the small ones to suffer within the space,” he said.
The Communication Officer of the National Petroleum Authority (NPA), Mr. Mohammed Abdul Kudus said the Oil Marketing Companies (OMCs) have started reviewing prices downwards to reflect the changing dynamics in the market.
“It is mainly because of the weight of the cedi against the dollar and the marginal fall at the international market,” he said.
