The energy minister Dr. Paa Kwesi Nduom has assured Ghanaians that petroleum prices will not go up even in the face of rising crude oil prices.
Crude oil has hit a record high in 21 years selling at 46 dollars 19 cents a barrel on the world market.
And this has raised fears that government may have to increase petroleum prices.
It costs the government over one hundred million cedis every month in subsidies for petroleum.
The Institute of Statistical, Social and Economic Research,(ISSER) has warned that the continued increase in crude oil prices is a source of downside risk to the economy.
But in an interview with JoyNews, the energy minister said government has introduced some measures including sourcing funds from other sectors of the economy to support the energy sector, which would not affect the economy in any way.
Dr. Nduom said, the current deregulation process in the energy sector does not allow for an increase in petroleum prices.
He told JoyNews petroleum price increase would be likely after the deregulation process, which is expected to be completed by the end of the year.
There have also been comments to the effect that government is reluctant to adjust petroleum prices because of the implications for the cost of living and for votes in the December general elections, an assertion Dr. Nduom denied flatly.
The energy minister Dr. Paa Kwesi Nduom has assured Ghanaians that petroleum prices will not go up even in the face of rising crude oil prices.
Crude oil has hit a record high in 21 years selling at 46 dollars 19 cents a barrel on the world market.
And this has raised fears that government may have to increase petroleum prices.
It costs the government over one hundred million cedis every month in subsidies for petroleum.
The Institute of Statistical, Social and Economic Research,(ISSER) has warned that the continued increase in crude oil prices is a source of downside risk to the economy.
But in an interview with JoyNews, the energy minister said government has introduced some measures including sourcing funds from other sectors of the economy to support the energy sector, which would not affect the economy in any way.
Dr. Nduom said, the current deregulation process in the energy sector does not allow for an increase in petroleum prices.
He told JoyNews petroleum price increase would be likely after the deregulation process, which is expected to be completed by the end of the year.
There have also been comments to the effect that government is reluctant to adjust petroleum prices because of the implications for the cost of living and for votes in the December general elections, an assertion Dr. Nduom denied flatly.
