We’re keeping fuel prices fair, not raising them to fund new imports – CBOD

The Ghana Chamber of Bulk Oil Distributors (CBOD) says its members haven't raised fuel prices to finance new imports and are policing their conduct to protect consumers.

Its Chief Executive Officer, Dr Patrick Kwaku Ofori, said bulk oil distributors were maintaining ethical business standards while ensuring steady supplies.

Speaking on Joy News’ PM Express Business Edition on Thursday, he rejected increasing prices on existing stocks to raise money for the next consignment.

“Had it not been that there is the most likely indication that we normally will hear from our other brothers who are also importers that, ' Oh, I need to increase the price so that I can import the next batch of Consignment, we have not done that,” he said.

Dr Ofori said the chamber’s members had been transparent with the regulator. They were also taking steps within the group to prevent consumers from being exploited.

“We even self-regulate ourselves and ensure that nobody takes advantage of the consuming public.”

He explained that selling products already imported and priced allows distributors to recover their money. Those proceeds help them pay trading partners and the banks financing their operations.

He attributed continued product availability to members’ business practices and their relationship with oil marketing companies.

Dr Ofori also assured consumers that supplies would remain reliable through December. He said cargo arrangements would help prevent the fuel queues experienced elsewhere.

“And we can also assure the consuming public and our partners, the oil marketing companies, that supply will never be an issue.”

He said almost all the major distributors had continued to deliver during the crisis. They had competed fairly and prioritised serving Ghanaian consumers before considering exports to neighbouring countries.