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Business News Tue, 10 Mar 2020

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It would be criminal if government fails to reduce fuel prices - Sosu

Communication team member of the opposition National Democratic Congress (NDC), Mr. Eric Sosu, has asked the ruling government to reduce fuel prices.

The NDC communicator said world market price of crude oil has reduced by 40% hence the need for government to reduce prices immediately.

He believes the price should be pegged at GH¢12.

He indicated that the cedi’s relative stability compared to other trading currencies should warrant a drop in prices.

To him, Ghanaians must get the full benefits of these sustained reductions in fuel prices on the international markets.

The concerns by Mr. Sosu come on the back of a report by Bloomberg that price wars between Saudi Arabia and Russia have led to a drop in crude oil prices to about $28 a barrel as at Monday, March 9, 2020, the lowest in four years.

According to Oilprice.com, between January and March 2020, gasoline prices have declined from $612/metric to current $496/metric, whiles Gasoil has declined from over $617 to current $502/metric, Brent crude oil price has also declined from $ 64 per barrel to $45.27 per barrel as at 6th March 2020 reflecting 29.3% decrease (Oilprice.com).

The West Texas Intermediate (WTI) crude prices has also declined from $63.27 per barrel in January 2020 to $41.28 per barrel in March 2020 reflecting 34.76% decrease.

Commenting on the reductions, Mr. Sosu emphasised the need for the government to reduce prices immediately.

He said it would be insensitive for the government to maintain the current prices and a cheat on the masses.

He further slammed the NPP over what he described as poor living conditions of Ghanaians.

The incompetence of the NPP he bemoaned has led to serious hardship among the Ghanaian public.

He made the remarks on Frontline on Rainbow Radio 87.5Fm.

Source: rainbowradioonline.com

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