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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, says recent increases in fuel prices at the pumps are a direct result of rising international market costs and not increased margins by Oil Marketing Companies (OMCs).
According to him, the current adjustments reflect the reality of the global petroleum market, where prices have been climbing due to movements in international crude and refined product prices.
Speaking in an interview on Joy FM’s Newsnight on Monday, July 27, he explained that OMCs operate by passing on costs incurred from Bulk Distribution Companies (BDCs) to consumers, adding that they cannot continue absorbing rising costs without affecting their businesses.
Source: newsthemegh.com