The Alliance For?Accountable Governance?(AFAG) has called on the?national Petroleum?Authority (NPA) to review?downwards the prices of?petroleum products in the?country in accordance with?what currently pertains on?the world market.
The price of crude oil on?the world market as at yesterday?was around $54 per?barrel.
In a statement issued?lately in Accra, AFAG noted:??The Alliance for Accountable?Governance is advising?the NPA to do what is right?as they see it. As we understand,?the NPA will be meeting?today to review fuel?prices. Be it as it may, AFAG?expects of the NPA to take real note of?the significant reduction on?the world market prices of?crude though a review position?can stay prices same,?upwards or downwards.?
?It is unthinkable under?the present precarious economic?circumstances to keep?the prices same. The prices?can never be reviewed?upwards considering that all?over the world, the logic is?price reduction of fuel, and?fuel related products. This is?because of the fast decline?on the world market of?crude oil. Indeed, we expect?a price reduction, one which?is significant and progressive.?
AFAG called on NPA to?adhere to its pricing formula.
?Over the years Ghanaians?have been made to ?understand that, fuel subsidies?have been removed. Prices had gone up automatically?when they soared?internationally. Also, the?cedi, over the past months,?had gained some stability,?hence, the review must?bring a significant reduction?of fuel prices. We have seen?one before. Ghanaians are?very expectant of the outcome?of the NPA?s meeting?today. The President must?listen and press forward for?a significant reduction of?fuel prices,? it stressed.
The NPA has however?maintained that it cannot?review petroleum prices?downwards due to its?indebtedness to the Bulk Oil?Distributors (BDCs).
Also it mentioned in a?statement Sunday that even?though it acknowledged?that oil prices have dropped?significantly on the world?market, it could not immediately?sell the products below?the current local prices.
The NPA is reported to?have cleared about half of?the GH?412 million debt?through savings it made?from declining crude oil?prices on the international?market.
By Samuel Boadi
