The founding President and Chief Executive Officer of the IMANI Centre for Policy and Education, Mr. Franklin Cudjoe, has urged Ghanaians who criticised the erstwhile Mahama administration to call on the current Akufo-Addo regime to address the increment in fuel prices.
In a Facebook post on Monday, the policy expert lamented the recent rise in fuel prices across the country.
According to him, if care is not taken, the price of petrol alone, may hit 10 cedis per litre very soon; and therefore the need for ‘fair-minded’ Ghanaians to speak up.
“Yeah, Ukrainian conflict has had impact on fuel prices, but 60 pesewas avoidable tax per litre and the runaway cedi against forex preceded the conflict. The latter may push the ex-pump price of petroĺ to nearly 10 cedis per litre by end week according to COPEC.
“Meanwhile Ghana as an oiĺ-producing nation benefits from rising crude prices. The least government can do is to cushion us with the windfall oil revenue if it fails to remove the odious taxes and gives up on the dangling cedi. I think all fair-minded citizens who once spoke up during JM’s time must call on govt to listen now to avoid further street protests,” the post read.
Reacting to the post, some Facebook users expressed their disappointment in the current regime.
According to them, the New Patriotic Party made lofty promises ahead of the 2016 elections, only to give a poor account of themselves in power.
A section of Ghanaians, however, noted that, the hike in fuel prices has been influenced by external factors, such as the Russia-Ukraine conflict, and therefore government cannot be blamed entirely.
“I sometimes wonder the kind of analysis you put across. Compare what happened in the global supply chain during JM’s time to this time. I don’t expect your kind to make this kind of comparison. Everywhere in the world fuel prices are going up.
“It is just that most Ghanaians don’t read like your type wouldn’t have been given those praises we gave you some years ago. Do proper comparison and educate not this kind of mischief,” a Facebook user, Kwame Owusu Mensah reacted to Mr. Cudjoe’s comments.
The call by Mr. Franklin Cudjoe, is in connection with the consistent increment in fuel prices at the pumps over the last couple of weeks. The situation, has since posed a lot of inconveniences to motorists and commuters, who say the increments are having a toll on them.
Amidst the crisis, the prices of petroleum products will from Wednesday, March 16 experience a significant surge as consumers are expected to pay ¢11 per litre.
The Bulk Oil Distributors has blamed the situation on the volatility on the market as well as the rising cost of crude on the international market.
According to the Chief Executive, Senyo Hosi, the cedi which is depreciating in relation to other major trading currencies is also a cause of the rise in the price of fuel.
In an interview on Joy FM’s News Night, Monday, Senyo Hosi, however, noted that “the Central Bank has been very proactive and cooperative with industry and we’ve been working on ways to help mitigate the impact on these key commodities.”
Russia’s invasion of Ukraine has seen oil prices rise to their highest level in more than a decade and is on the verge of hitting new record, with crude prices predicted to reach as high as 185 dollars a barrel.
In its projections for the March, 2022 Second Pricing Window, which will take effect from March 16, 2022, to March 31, 2022, the Institute for Energy Security (IES) has said the price of Liquefied Petroleum Gas (LPG) will go up by 3 per cent whereas petrol and diesel would go up by 5 per cent and 9 per cent respectively.
Meanwhile, the National Petroleum Authority says the Oil Marketing Companies are not adjusting their pump prices beyond the indicative prices provided to the authority.
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