The opposition National Democratic Congress (NDC) has called on government to reduce the prices of petroleum products following the sharp drop in the price of Brent Crude on the international market.
According to the party, the relative stability of local currency and the drop of oil in the global market over the last two months should affect the price of the product locally.
In a statement the NDC said “The National Democratic Congress (NDC) has taken notice of the continuous reduction of the price of Brent crude on the international market in the last two (2) months. Specifically, we have noted how the price of Brent crude has declined by over 45%, from an average price of $63.60 per barrel in January 2020 to $36 per barrel currently.
“There is no gainsaying the fact that, the declining prices of crude oil on the international market, coupled with the artificial stability the Ghana cedi appears to be chalking, which is largely due to the Coronavirus outbreak and the injection of the recent $3 billion Eurobond into the economy, should have led to a significant drop in the pump prices of fuel by now”.
The statement added: “Unfortunately but predictably, the Akufo-Addo government has deliberately refused to pass on the significant reduction in the prices of crude oil on the global market to petroleum consumers in Ghana. Within the period that crude oil prices have experienced a significant decline on the international market, consumers have only been given an insignificant and paltry reduction of 28 pesewas at the pump, from Ghs 5.62 in January 2020 to the current average price of Ghs 5.38.
“This is callous and insulting to the sensibilities of Ghanaians who are going through excruciating hardships as a result of persistent increases in the pump prices of fuel, cumulatively by over 50% in three (3) years, especially given the fact that President Akufo-Addo whilst in opposition criticized the erstwhile Mahama regime for exorbitant fuel prices and promised to reduce same if elected. The NDC is appalled by this display of gross insensitivity by President Akufo-Addo who has consistently flattered to deceive on his promise to reduce fuel prices and all his flagship campaign promises.
“In line with current happenings on the international and local market, we call on the President to as a matter of urgency, ensure an immediate and drastic reduction of minimum 20% in the pump prices of fuel. Anything short of this should be fiercely rejected by the Ghanaian people. This, we believe, will reduce the extreme economic hardship in the country and ameliorate the plight of suffering Ghanaians”.