Gov’t striving to end regime of unheard-of fuel price increases – President Akufo-Addo

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The government claims that the period of unusual price increases for petroleum goods in the nation will soon come to an end.

In order to provide relief to the product’s users, attempts are being conducted to “ensure stable and consistent sources of affordable petroleum products.”

“Government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all”.

Players in the industry have issued warnings of harder times to come as the cost of petroleum products keeps rising.

At the moment, some oil marketing companies sell gasoline for GH17 and diesel for GH19.
The situation has mostly been linked to the high exchange rate, which affects both the cost of importing or producing fuel as well as the prices on the global market.

But President Nana Addo Dankwa Akufo-Addo, who made the pledge in his broadcast speech on Ghana’s ailing economy, said that while hard times are present, the government is aware of the difficulties that rising fuel costs have placed on the average person’s standard of living.

He pledged that the government will work to bring down the skyrocketing prices of gasoline and diesel.
“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses. I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of the capital of traders and painfully accumulated savings”, stated the President.

Fuel prices in the nation have been steadily growing since January when they were at GH6.5 per litre. The majority of this rise has been attributed to the rise in fuel prices on the global market.

In January of this year, the price of crude oil was about $75 per barrel; today, the price is over $86 per barrel.

The dollar, which was about GH6.5 at the start of the year, is now equivalent to roughly GH14.


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