Bring the situation under control - Henry Akwaboah on fuel price increment

Fuel prices go up

Passengers to pay more as transport fares from Saturday

There are still leakages in the system - Former OMCs board chairman

Former Board Chairman of the Association of Oil Marketing Companies (OMCs), Henry Akwaboah, has called on government to look for better ways to control the high

Read full articleprice of petroleum products on the market.

His comment comes on the back of the increase in fuel prices at various pumps.

Diesel and Petrol are currently selling at GH¢7.99 pesewas.

Speaking to CitiBusiness, Mr Akwaboah was quick to add that inasmuch as the world market contributes to the increment in fuel prices, government needs to implement a robust system to ensure that there are no leakages in the system.

“Let’s look at which of these factors are controllable. World market price, there is absolutely nothing we can do about it. When it comes to cost recovery, no one will import fuel into the country and decide to sell it below the cost price. Definitely, they have to fully recover their cost,” he stated.

He continued, “Then let’s come to the taxes, it comes back to the same issue I’ve been championing over the years, that there are still leakages in the system. We are not efficient at collecting the taxes...It’s a very difficult situation. I think the government needs to at this stage, bring the situation under control."

Meanwhile, passengers will from Saturday, February 26, 2022 pay more in transport fare.

The 15% increment in transport fares was agreed upon by transport operators and the relevant ministry.

Transport operators had initially proposed a 30% fare increment but following a meeting on February 21 with key stakeholders, they settled on 15%.