Government’s decision to hedge the price of crude oil on the international market will not protect consumers from price increases, The Chief Executive Officer of the Chamber of Bulk Oil Distribution Companies, Senyo Hosi has said.

According to him, although the move is necessary to ensure some amount of stability in the pricing of petroleum products, it will not be able to achieve its ultimate objective.

The government is considering hedging in order to protect Ghanaians from price volatility in the petroleum market.

But speaking to Citi Fm, Mr Hosi said the move will not achieve much.

He observed that although hedging oil prices on the international market is advisable, it cannot give consumers the amount of protection government is seeking.