The opposition New Patriotic Party (NPP) has charged government to with immediate effect “reverse or review the imposition of a 27% hike on petroleum products which has seen the price of petrol increase from ghc 12 to over ghc15 a gallon, effective January 1st 2016.”
According to the NPP the hardship meted out to the people by the NDC government is unfair. “The 27% increase is completely unjustified.”
In a statement signed by the Communications Director of the NPP, Nana komea, he opined that prices of fuel should rather drop instead of going up.
The NPP said per the determinants of petrol prices, “petrol should be selling at about Gh¢9 a gallon.”
“There are two main determinants of petrol prices: the cedi exchange rate and the price of crude oil. The price of the cedi exchange rate has been relatively stable, at Ghc3.85, in the last few months. The price of crude oil HAS ACTUALLY FALLEN STEEPLY, from $110 in mid-2014 to $37 today.
“Indeed the trend all over the world, including in the rich countries has been drastic falls in petrol prices. It is therefore totally baffling that in Ghana, the NDC government has not seen it fit to reduce the price of petroleum products to bring much needed relief to the Ghanaian consumer, but has actually increased the price of petrol by a whopping 27%, from Ghc 12 a gallon to nearly ghc16 a gallon,” the statement noted.