{"id":44217,"date":"2014-09-03T06:41:45","date_gmt":"2014-09-03T06:41:45","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=44217"},"modified":"2014-09-03T06:43:19","modified_gmt":"2014-09-03T06:43:19","slug":"minority-kicks-against-fuel-price-hedging","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/09\/minority-kicks-against-fuel-price-hedging\/","title":{"rendered":"Minority  kicks against fuel price hedging"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"line-height: 1.5em;\">The Minority in Parliament has kicked against government\u2019s decision to hedge fuel prices in the country.<\/span><\/p>\n<p style=\"text-align: justify;\">Government decided to introduce a\u00a0<span style=\"color: #666699;\"><a href=\"http:\/\/4cd.e16.myftpupload.com\/2014\/08\/20\/petroleum-hedging-starts-sept-1\/\" target=\"_blank\"><span style=\"color: #666699;\">quarterly hedging<\/span><\/a><\/span> as a way of avoiding the huge debts accumulating from subsidizing petroleum products.<\/p>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5em;\">Per the hedging arrangement, the price of crude oil will be pegged at a particular figure over a period of time and, thus any price fluctuation during the period of the hedging would not be transferred onto the consumer.<\/span><\/p>\n<p style=\"text-align: justify;\">The hedging is aimed at cushioning Ghanaians against the fuel price hikes.<\/p>\n<p style=\"text-align: justify;\">Meanwhile, speaking on the <b>Eye Witness News<\/b> on Tuesday, K.T Hammond, the Ranking Member of the Energy Committee of Parliament described the move as a hopeless situation.<\/p>\n<p style=\"text-align: justify;\">He indicated that the problem has to do with the weakening Cedi and not prices on the international market.<\/p>\n<p style=\"text-align: justify;\">\u201cIt will not benefit us. International crude prices have not gone up since last year. It has nothing to do with international market prices; it is due to the depreciation of the Cedi.\u00a0What they need to hedge against is further depreciation of the Cedi. That has got nothing to do with petroleum prices\u201d he insisted.<\/p>\n<p style=\"text-align: justify;\">KT Hammond who is also the Member of Parliament (MP) for Adansi Fomena\u00a0\u00a0said the government had introduced such hedging \u00a0strategy before but did not produce significant results.<\/p>\n<p style=\"text-align: justify;\">\u201cThis is not the first time such facility has been put in place. It was been put in place some four or three years ago. It run through before the last election and I&#8217;m sure it had continued until recently. The point is this, at the time when this facility was ongoing we were paying increased petroleum prices. What was the point in the first one, if it did not benefit us. What is the sense in now putting another one in place, at a time when petroleum prices are coming down,&#8221; he said.<\/p>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.5em;\">By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Minority in Parliament has kicked against government\u2019s decision to hedge fuel prices in the country. Government decided to introduce a\u00a0quarterly hedging as a way of avoiding the huge debts accumulating from subsidizing petroleum products. Per the hedging arrangement, the price of crude oil will be pegged at a particular figure over a period of [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":6847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[43],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Minority kicks against fuel price hedging - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2014\/09\/minority-kicks-against-fuel-price-hedging\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minority kicks against fuel price hedging - Citi 97.3 FM - Relevant Radio. 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