Business News of Monday, 20 June 2022
Source: happyghana.com
No government can reduce fuel prices – Ghanaians told
Fuel prices have shot up globally
Editor of the Ghanaian Publisher Newspaper, Yaw Obeng Manu, asserts no government in the fourth republic, past or present can resolve the increasing fuel prices in the country.
He explained that the prices of petroleum products have been soaring worldwide with Ghana’s situation better than others.
“I was going through the prices of fuel on the world market last night and realized prices are up globally. There are all manner of agitations for the prices of fuel rising. As of now, some major contributors of petroleum products are no longer supplying or producing to capacity and this has led to increasing demand, hence high costs. In some countries, the cost of fuel has increased in about 80 percent within a month. This proves fuel prices are soaring globally and not only in Ghana,” he stated.
According to him, some countries may have provided subsidies for their people but in Ghana and other African countries, a rise in fuel prices means more taxes, hence revenue.
“Calls have been made to the government to reduce fuel prices but the high cost of fuel provides the government with more revenue. The spike in fuel prices is a problem but it doesn’t really matter who is in charge, the situation will still remain the same.”
In the Editors’ Take edition of the Happy Morning Show with Samuel Eshun, he indicated that this is not a good time for any party to be in government.
“If Akufo-Addo was not in power the same challenges would’ve existed. This is not a good time to be in government but a good time to be in opposition. The opposition will have every reason to blame the government for being incompetent as the high cost of fuel will affect the cost of living.”
As of June 13, 2022, the price of gasoline in Ghana stood at 10.23 Ghanaian cedis (GHS) per liter, corresponding to roughly 1.3 U.S. dollars. The value considerably increased compared to the other weeks reviewed. Since January 03, 2022, the price of gasoline in Ghana has increased by approximately 48.3 percent.
