Prices of fuel have surged significantly in the second pricing window of March 2022
The Minority caucus of the National Democratic Congress (NDC) in Parliament has called on the Government to put in place measures to alleviate the suffering of Ghanaians over the fuel price hikes.
The group also called on President Akufo-Addo to dissolve the Economic Management Team because it had not lived up to expectations.
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John Jinapor, Ranking Member on the Mines and Energy Committee, made the call when he addressed the media in Parliament over recent increases in petroleum prices in the country.
He said checks by the Minority indicated that the Energy Sector Levy, instituted during the NDC Administration, had accrued over GH¢18 billion out of which GH¢15 billion had been spent, leaving a balance of GH¢3 billion that could not be accounted for.
He said the Price Stabilization Levy, which was supposed to cushion Ghanaians and petroleum consumers in difficult situations had also accrued GH¢2 billion and only GH¢1 billion had been spent with the rest not accounted for.
He described the government’s performance in terms of managing the economy as “abysmal and unprecedented”.
Mr Jinapor said the government had so much money accruing out of the petroleum exports adding that the Benchmark Value that the government pegged Ghana’s oil per barrel was US$61, “however today the country is selling its crude at a price of over US$100.”
He questioned what the government was doing with the windfall in terms of the revenue being accrued from oil export.
Mr Jinapor called on the government to use part of the reserves from the Energy Sector Levy as well as the Price Stabilisation Levy to cushion Ghanaians.
He urged it to take a critical look at the Tema Oil Refinery, which he said could refine the domestic crude oil.
The Bulk Oil Storage and Transport collects nine pesewas on each litre of fuel and that must be used to buy some strategic stocks to be released in difficult times to cushion Ghanaians, he said.
Prices of fuel have surged significantly in the second pricing window of March 2022
