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Reduce petroleum Prices by 20%

  • SOURCE: | Editor
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    A Business and Economic Journalist with the New Crusading Guide Kwabena Adu Koranteng has requested the management of the National Petroleum Authority to further reduce the price of petroleum products by 20% to reflect with the current level of crude oil price reduction on the international market

    This, he said will go a long way to reduce the burden on the general public and sustain businesses that are collapsing as a result of the high petroleum prices.

    Speaking in an interview with the New Business Guide Mr. Adu Koranteng noted that the call for further reduction is in relation to the drastic reduction of crude oil prices on the international market which he said must reflects in the price levels in Ghana since the country is implementing the de-regulation system.

    “ failure to reduce the price of petroleum prices by 20% will indicate that the current government is not properly implementing the de-regulation system where a reduction in petroleum price on the international market will automatically reflect on trends in Ghana and vice versa”, he said .

    Yesterday government reduced Fuel prices by 2 percent. A statement issued by the National Petroleum Authority (NPA), said the reduction is in line with reduction in the prices of crude oil and petroleum products on the world market.

    The NPA’s decision comes days after Energy Minister, Emmanuel Armah Kofi Buah, said that despite falling price of crude oil on the international market, the government was not in a rush to cause a reduction in the prices of petroleum products at the pump.

    He noted that with a banking crunch looming over Ghana due to government’s indebtedness to Bulk Oil Distribution Companies – who also owe various commercial and banks in the country – it was only prudent for the state to use windfalls from current local price levels to help clear the 400 million cedis debt from under-recoveries.

    Government had blamed the increase in the price of petroleum product earlier in the year, on the depreciation of the Cedi against the major trading currencies.

    However, with the gradual appreciation of the Cedi, Ghanaians have been demanding a reduction in the prices of general goods and petroleum products.

    The government says it has reduced fuel prices by 2 percent, October 21, but this is yet to reflect at the pump stations.

    Meanwhile Egypt’s former petroleum minister Osama Kamal has said global crude oil prices are set to fall drastically, predicting a further erosion of as much as a third in the coming days. “I expect crude oil prices to touch $60 per barrel. This will impact several economies,” said Kamal, who was in Mumbai to address the top Aditya Birla Group executives.

    By: Adu-Koranteng

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