The minority group in Parliament has called on the NPP government to reduce the prices of petroleum products to reflect the fall in the world market prices.
The group has also called on the government to abide by the Petroleum Products Pricing Policy (PPPP), which provides for automatic adjustments in the ex-refinery price of products to reflect changes in the published prices and changes in the exchange rate between the dollar and the cedi.
Mr Abraham Kofi Asante, Minority Spokesman on Mines and Energy on behalf of the Minority Group in Parliament contained these in a statement on Friday . The MPs recalled that soon after the NPP assumed office the Minister of Energy slapped a 64 per cent increase on petroleum product prices and introduced the PPPP.
The PPPP formula indicated that Tema Oil Refinery (TOR) would adjust the "ex refinery price" whenever there are changes in the offshore prices of products and a significant variation in the Cedi/US dollar exchange rate.
The minority group noted that when the Mines and Energy Minister introduced the 64 per cent increase, the calculation of petroleum product prices was made using 28.64 per barrel in March.
"Today the world market price stand at 21.24 per barrel. We are told there is a stable cedi/US dollar exchange rate.
The combined effect of the cedi /dollar exchange and the prevailing market price of crude oil using the NPP government formula is that, there is more than 50 cedis per litre change or variation" the statement said.
Mr Asante recalled issuing a statement on the matter last August and the Deputy Government Spokesperson replied that the government was making savings.
"Ghanaians would like to know how much savings TOR has made so far and how much of TOR's debt has been paid into the said savings" the statement queried.
