An economist Kwame Pianim has warned government against its continuous involvement in the sale and distribution of petroleum products in the country.<\/p>\n
According to Mr. Pianim, government has no business meddling in the pricing of the oil commodity and should rather leave it to the private sector.<\/p>\n
[contextly_sidebar id=”H230AsSyqKUJQ4GyrPYdqMv1yVyutMMQ”]The National Petroleum Authority (NPA) after initial resistance,\u00a0reduced petroleum prices by 10 percent<\/strong> <\/span><\/a>following pressure from several quarters.<\/p>\n The Authority was asked to reduce the prices following a sharp decline in crude oil prices on the world market.<\/p>\n The 10 percent reduction has however been rejected by sections of the general public, industry players<\/strong><\/span><\/a> and pressure group, OccupyGhana.<\/strong><\/span><\/a><\/p>\n According to them, the 10 percent reduction is woefully inadequate and does not match the prices on the world market.<\/p>\n Last year, Ghana faced challenges with the supply of petroleum products due to government’s indebtedness to the Bulk Oil Distribution Companies (BDCs).<\/strong><\/span><\/a><\/p>\n The situation resulted in acute fuel shortage across the country<\/strong><\/span><\/a> .<\/p>\n Government has said it is\u00a0fully implementing the automatic adjustment formula<\/a><\/span>.<\/strong><\/span><\/p>\n Speaking in an interview with Citi News<\/strong>, the former Board Chair of the Public Utilities and Regulatory Commission (PURC) insisted the current strife over fuel prices will be a thing of the past if the private sector takes charge.<\/p>\n \u201cAs far as I am concerned, there is no reason for government to be involved in the sale and distribution of petrol. They should leave it to the private sector like we left sardine, soap and everything,\u201d he remarked<\/p>\n \u201cLet the government leave it to the commercial forces,\u201d he stressed.<\/p>\n On the introduction of the Automatic Adjustment Formula, Kwame Pianim said: \u201cLet people go and buy their own petrol and come and sell it. If it\u2019s cheaper, I will go and buy it \u2013 we don\u2019t need the government to be involved.\u201d<\/p>\n <\/p>\n By: Efua Idan Osam\/citifmonline.com\/Ghana
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