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National Chairman of General Transport, Petroleum and Chemical Worker Union (GTPCWU) of TUC, Bernard Owusu, believes the recent decrease in fuel prices is a result of the Gold for Oil policy.

This contrasts with the Institute for Energy Securities’ (IES) ideology that the fall in prices of petrol and diesel was due to a marginal appreciation of the cedi to the dollar and a global drop in the prices and not kind courtesy of the ‘Gold for Oil’ policy.

Mr Owusu said formerly when international oil prices dropped, it did not significantly reflect in the local market.

To him, the policy has pressured Oil Marketing Companies (OMCs) and Bulk Distributing Companies (BDCs) to maintain prices as per international prices.

“All the time when fuel prices reduce in the international market it doesn’t reflect here because people complain that they buy the dollar from the black market and can’t reduce the prices.

“The crude oil deal that the government is doing has put pressure on BDCs and OMCs that they’re being forced to keep their prices as it is.

“The policy is good and government must be commended,” he said on Accra-based Neat FM.

Some Oil Marketing Companies have started reducing prices of petroleum products at the pumps. This is the second time fuel prices have been reduced this year.

Earlier, IES predicted that prices of petrol and diesel were expected to drop significantly between 7.1% and 10.8% at the pumps, from Thursday, February 16, 2022.