Former Member of Parliament for Okaikwei North Constituency, Fuseini Issah, believes that the gold-for-oil policy has led to a marginal drop in diesel prices at Goil fuel stations across the country.

Goil announced a 4% reduction in the price of diesel, resulting in a litre selling at ¢15.25.

However, the price of petrol remained unchanged at ¢15.25.

Speaking on the Big Issue on Citi TV on Saturday, the former MP said the reduction was influenced by benefits associated with the ‘Gold for Oil’ programme.

Mr Fuseini Issah added that prices of fuel will be impacted more significantly if more consignment arrives in the country soon.

The marginal adjustment comes after the deputy Energy Minister, Andrew Egyapa Mercer, stated that the policy would not immediately lead to a reduction in fuel prices until Ghana takes delivery of more consignment.

“It wasn’t our expectation that it [gold for oil policy] will have an overnight effect because there are stocks that are already on the market, so you cannot expect that an injection of 10 per cent of the gold for oil policy will suddenly change the pricing dynamics. It is a process and not an event.”

The initial 40,000 metric tons of oil under the much-touted policy arrived in Ghana on January 15.

The expectation was that the arrival of the 40,000 metric tons would reduce the pressure on forex and also present the country with cheaper fuel, but that has not been the case as fuel prices have increased twice within the period upsetting the majority of Ghanaians.