The Minister of Energy, Dr. Matthew Opoku Prempeh has suggested that government is at its wits’ end on how far Ghanaians can be cushioned, following the rise in prices of petroleum products at the pumps. The government recently announced a 15 pesewas reduction on fuel prices, which is being sold at a minimum of GH¢9.2 per liter.
However, this was not received lightly, as many described it as woefully inadequate. Commercial drivers for instance, have threatened to increase fares by 15%.
In an interview with Citi News on the President’s State of the Nation Address, the sector minister however said the prices are largely affected by external factors and the government cannot affect a reduction beyond 5%
. “Isn’t it true that covid has affected the developed world, and things have been made worse by the Russia – Ukraine war? Isn’t it true that some countries have started practicing petroleum products patriotism? Over 80% of petroleum products depend on the outside external price. Even if we took all the 2.43 cedis, that is the government’s stake, out of the fuel, it would not have contributed to more than 5 percent.”
Diesel is currently selling between GH¢10 and GH¢11 per litre, while the price of petrol has crossed the GH¢9 mark at some fuel stations. The price of the product will, however, go down by 15 pesewas per litre effective April 1, 2022. This, according to Finance Minister, Ken Ofori-Atta, will be in place for three months.