We are ready to reduce fuel prices if cedi is stable – Petrosol CEO

Some Oil Market Companies (OMCs) say they will reduce the prices of fuel at the pumps if the cedi continues to show signs of stability.

This comes after the Institute for Energy Security projected stability in the prices of petroleum products in the second-pricing window of the month of August due to the combined effects of the slowed depreciation of the local currency and the international market activities.

Speaking to Joy Business at the 10th Anniversary of Petrosol Platinum Energy Limited, Chief Executive Officer, Michael Bozumbil dispelled claims of OMCs shortchanging consumers.

“Anytime we assess the numbers and we see we can give discounts to consumers, we readily do that. When the cedi is stable we are always ready to reduce the price and Petrosol is always doing that”, he said.

Reacting to the current stand-off between the Liquefied Petroleum Gas Marketers Association and the National Petroleum Authority, on the implementation of the Cylinder Recirculation Model, Mr. Bozumbil said the market will not be affected.

According to him, the NPA has promised to work with all sector players on the Cylinder Recirculation Model

“I don’t think this will be blown out of proportion. The NPA has assured to resolve all issues confronting the sector. We know it’s not easy just as when we started, we had limited financial resources but with a strong network and reputation within the industry, we can leverage to grow. Our aim is to build a brand that exemplifies excellence in the oil and gas industry, despite the daunting challenges ahead”, he said.

The price of crude oil continues to drop on the international market.