NDC killing Ghanaians with high fuel price

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The New Patriotic Party (NPP)?has called on government to as a?matter of urgency, apply the automatic?adjustment formula to?reduce the prices of petroleum?products.

fuel price
fuel

In a press statement signed by?Nana Akomea, Communications?Director and made available to the?media, the party told the National?Democratic Congress (NDC)?administration that Ghanaians?deserve some relief now by immediately?reducing the price of petrol?in accordance with the reduction in?the price of oil and the exchange?rate.

?There is no doubt that the cost?of living in recent times has been?unbearable for the vast majority of?Ghanaians, a direct result of the?calamitous fall in the value of the?cedi over the last three years and?the very high increases in the?prices of water, electricity, petrol?and the rate of VAT.

?At GH?15 a gallon of petrol in?Ghana, oil was selling above $100 a?barrel, and the dollar was trading?at an average of GH?3.80. Since?then, oil has fallen to about $60 a?barrel, and the dollar is trading at?an average of GH?3.20.

?By these price movements,?petrol should be selling around?GH?13 a gallon. The current price?of about GH?17 a gallon is therefore?highly extortionate and inconsiderate?of the hardships Ghanaians?are going through,? the statement?observed.

It added that government had?given an excuse that it owed the?Bulk Distribution Companies for?forex losses. ?This 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?challenged.

Bloomberg on Friday reported?that oil extended losses below $60 a?barrel in New York, falling to a?five-year low as the International?Energy Agency cut its 2015?demand forecast for the fourth?time in five months. Brent also?dropped to the lowest in five years.

By Samuel Boadi

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