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News Release
NPP Directorate
December 15, 2014
Reduce Fuel Prices NOW!
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 (3) years and the very high
increases in the prices of water, electricity, petrol and
the rate of VAT.
At GHC15 a gallon of petrol in Ghana, oil was selling above
100 dollars a barrel, and the dollar was trading at an
average of GHC3.80p. Since then, oil has fallen to about $60
a barrel, and the dollar is trading at an average of
GHC3.20p.
By these price movements, petrol should be selling around
GHC13 a gallon. The current price of about GHC17 a gallon is
therefore highly extortionate and inconsiderate of the
hardships Ghanaians are going through.
Government has given an excuse that it owes 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.
Meanwhile, the price of oil continues to fall.
The NPP calls on the government to as a matter of urgency
apply the automatic adjustment formula to reduce the price
of petrol.
The current hardships caused by the high cost of living are
not sustainable. Ghanaians deserve some relief now by the
immediate reduction in the price of petrol in accordance
with the reduction in the prices of oil and the dollar.
Signed
Nana Akomea
(Communications Director)
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