Reduce fuel prices now — NPP
The New Patriotic Party (NPP) has called on the government to reduce fuel prices now.It said as a matter of urgency, the government must apply the automatic adjustment formula to reduce the price of petrol.
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A statement signed by Nana Akomea, Communication Director of the NPP, said the current hardships caused by the high cost of living were not sustainable.
The NPP said Ghanaians deserved some relief now from the reduction in the price of petrol in accordance with the reduction in the prices of oil and the value of the dollar.
“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 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”, it stated.
The NPP said when petrol sold at GH¢15 a gallon in Ghana, oil was selling above 100 dollars a barrel, and the dollar was trading at an average of GH¢3.80p.
Since then, it said oil had fallen to about $60 a barrel, and the dollar was trading at an average of GH¢3.20p.
“By these price movements, petrol should be selling around GH¢13 a gallon,” it added.
It further said the current price of about GH¢17 a gallon was, therefore, highly extortionate and inconsiderate of the hardships Ghanaians were going through.
The government has given an excuse that it owes the Bulk Distribution Companies for forex losses. But the NPP said, “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 not been told when these supposed losses will be fully covered either.”