ACEP backs call for fuel price reduction

Policy think tank, the African Center for Energy Policy, (ACEP) has backed calls by minority MPs for a reduction in fuel prices.

Deputy Minority Leader, Dominic Nitiwul, has said the price of fuel at the pumps must reflect the reduction in the price of crude on the international market over the past four years.

Crude oil prices have hit a four-year low after Saudi Arabia unexpectedly cut the price of oil sold to the US.

The National Petroleum Authority last month reduced fuel prices by 2 percent, but it has been widely described as insignificant.

Director of Policy and Research at ACEP, John Peter Amewu, in an interview with Starr News, said the drastic reduction in fuel prices on the world market and the improvement in the cedi’s performance must result in a reduction of fuel prices.