The New Patriotic Party (NPP) is demanding an immediate reduction in fuel prices by the Mahama-government.
According to the NPP, the government’s refusal to reduce the prices of petroleum products to reflect the price of crude oil on the world market is “inconsiderate.”
This was said in a statement signed by the party’s Director of Communications, Nana Akomea.
[contextly_sidebar id=”s1txRTfcw8yjFVLyC2yjRZHv1twiD5UO”]The price of crude oil on the world market has hit a five-year low; a development which has increased calls on the government of Ghana to reduce petroleum prices.
But the National Petroleum Authority (NPA) has insisted that the prices will not be reduced because it is taking advantage of the price drop to save money to defray the debt owed Bulk Oil Distribution Companies (BDCs).
However, the NPP is of the opinion that a reduction will lighten the economic burden Ghanaians have been experiencing in recent times.
According to the NPP, “at GHC15 a gallon of petrol in Ghana, oil was selling above 100 dollars a barrel, and the dollar was trading at an average of GHC3.80p. Since then, oil has fallen to about $60 a barrel, and the dollar is trading at an average of GHC3.20p.”
“By these price movements, petrol should be selling around GHC13 a gallon. The current price of about GHC17 a gallon is therefore highly extortionate and inconsiderate of the hardships Ghanaians are going through.”
It further stated that government’s excuse that it owes the BDCs is “highly untenable because the forex losses are as a result of the government’s inability to maintain the value of the Cedi. Ghanaians have also not been told when these supposed losses will be fully covered.”
The NPP has therefore admonished government to as a matter of urgency apply the automatic adjustment formula to reduce the price of petrol.
“The current hardships caused by the high cost of living are not sustainable. Ghanaians deserve some relief now by the immediate reduction in the price of petrol in accordance with the reduction in the prices of oil and the dollar,” he added.
By: Efua Idan Osam/citifmonline.com/Ghana
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