Duncan Amoah, Executive Director of the Ghana Chamber of Petroleum Consumers (COPEC), said the price of petroleum goods may fall if the government-secured oil is distributed this week.
After weeks of reduction, the price of gasoline rose on Saturday, January 21, 2023, during the second pricing window.
Many stakeholders blamed the situation on the local currency's volatility against the dollar.
To rectify this predicament, the government initiated the "Gold for oil strategy".
Ghana received 40,000 metric tons of the policy's first cargo from the United Arab Emirates on January 15, 2023.
The Executive Director of COPEC is hopeful that the commodity's price would fall if distribution is completed quickly.
"The figures relevant to this gold-for-oil strategy are critical. If it does not solve the growing gasoline price crisis and the cedi's depreciation, we should ban politicians from intervening in fuel or trade entirely.
"Because it is not the arrangement Ghanaians want. The figures they provide in the next week will determine whether we can propel the market downwards or keep prices where they are. Or there are certain advantages to be gained as a group. If there are no advantages, going to the Bank of Ghana (BoG) to seek for money to trade in oil will be tough; we will be burned on all sides," Mr. Amoah added.