Business News of Tuesday, 19 October 2021
Source: www.ghanaweb.live
2021-10-19Government has no plans to address rising fuel prices – IES expresses fears
Prices of fuel have been on the rise since April this year
• Fuel now sells at GH¢6.80 at the fuel pumps
• The IES fears the government may not have an immediate solution to the constant rise
• The NDC says the government is insensitive
With fuel prices at the pump being on a steady rise since April this year, the Institute for Energy Security (IES) is worried
Read full articlethat there may not be an immediate solution to it.
Already, the opposition National Democratic Congress (NDC) has accused the government of being insensitive in its management of the situation especially now that a litre of petrol and diesel sell at GH¢6.80, reports citinewsroom.com.
“Permit me to state from the word go, that the Akufo-Addo/Bawumia-NPP government has shown itself to be callous and does not appear a give a hoot about the plight of Ghanaians. Otherwise, what can be the justification for the rampant and persistent increases in fuel prices we are witnessing in Ghana today?” Sammy Gyamfi, the National Communications Officer of the NDC had stated.
Nana Amoasi VII is the Executive Director of the IES and he fears the knee-jerk approach by the government only goes to prove that it has no immediate solution to the constant rise in fuel prices.
“If care is not taken, we will see this price surging on the market consistently. You will ask how the government will negotiate to solve the situation, but unfortunately, where the government sits today, it will be able to reduce these taxes by more than 10 percent and the approach the government has taken, we call it knee-jerk because it is not sustainable.
“There are other things the government must do to ensure that fuel prices remain stable. You can take away all the taxes, but trust me because we have mechanisms that have broken down, we will still come to the same GH¢6.80 per litre in less than six months because we have become price takers”, he emphasized.
And with this situation persisting, the government subsequently promised the removal of the Price Stabilization and Recovery Levies (PRSL) component of fuel prices for only two months, with the National Petroleum Authority (NPA) confirming that the approval has been given by the president.
This is however yet to take effect at the pumps even as many Ghanaians continue to lament about the devastating effects of the rise in fuel prices on their lives.
