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The Information Minister-designate, Kojo Oppong Nkrumah has asked Ghanaians to applaud the Akufo-led government on the 2.09% fuel price hike since it could have been more.
Speaking on Kumasi-based Angel FM’s morning show with sit-in host Yaw Nimako monitored by MyNewsGh.com, the Ofoase-Ayirebi legislator explained that, had it not been the government’s intervention, fuel prices could have increased more than 5% but the competent middle role played by the government led to a 2.09% increase which is far better anticipated.
He further noted that the government has no control over the fuel prices as it is market-regulated but a middle role like ensuring a stable currency and regulated taxes lifts the burden of the citizens and that’s exactly what the government has done leading to only a 2.9% increase in fuel prices.
Fuel prices have increased at the pumps as projected by the Institute for Energy Security (IES).
Ghana’s main national downstream player, GOIL has joined Shell, Total and other major OMCs to increase prices by 2.09%, now selling at GHc4.950 per litre.
On Tuesday, August 14, IES warned that fuel prices will rise at the pumps if the National Petroleum Authority failed to implement the Price Stabilisation and Recovery Levy (PSRL) mechanism.
The Institute for Energy Security – IES projected a 1.5%-2% fuel price increment on Tuesday. Last weekend, all major OMCs (including GOIL) increased prices by 2.09%. Meaning, NPA failed to apply the ‘discretionary’ PSRL for August 2nd Window. The role played by Government in ensuring the most minimal increase as per IES projection is questionable as the increment should have dropped below the 1.5-2% if Government had played its role very well.