NDC appeals to traders, transport owners

Accra, 9 Aug, GNA - The National Democratic Congress (NDC) on Tuesday appealed to traders, transport owners and service providers not to increase their prices, since the increase in the new petroleum prices were not likely to trigger inflation.

A statement signed for Mr Moses Asaga, Minority Spokesperson for Finance, said if the new prices were based on current world price of crude oil, then the prices should have been much higher than what was announced by the National Petroleum Authority (NPA).

The statement noted that around February 18, when the world price was 42 dollars per barrel, prices were increased by 50 per cent from 20,000 cedis to 30,000 cedis for a gallon of premium petrol. It noted that at 60 dollars per barrel, which represented an increase of about 48 per cent, the increase for premium petrol was only by 500 cedis, less than two per cent.

"The new developments thus vindicate the position of NDC and the Committee for Joint Action (CJA) that Ghanaians were overcharged for petroleum products in the previous review of petroleum products due to excessive taxes and levies.

"If at 60 dollars a barrel only 1.6 per cent is added to the price, it further suggests that there is no subsidy on petroleum products, as the review is only intended to bring ex-refinery prices to parity with world crude prices."

The NDC commended the CJA for embarking on "a just cause" and for protecting Ghanaian consumers.

"Indeed, but for the Wahala demonstrations, the government, following its own logic, would have increased petroleum products prices, particularly petrol, from 30,000 cedis to about 40,000 cedis. "It is the position of the NDC and the CJA, which has prevented the government from carrying out such an exercise and not the magnanimity of the President Kufuor Administration."

The National Petroleum Authority (NPA) on Monday announced increases in the ex-pump prices of premium and diesel, but reduced the prices of kerosene and liquefied petroleum gas (LPG).

Professor Ivan Addae-Mensah, Chairman of the NPA, said premium petrol would now sell at 6,777.78 cedis per litre from 6,666.66 cedis or 30,500 cedis per gallon from 30,000 cedis, an increase of 1.67 per cent. Diesel is up by 3.41 per cent from 5,866.66 cedis a litre to 6,066.67 cedis or 27,300 cedis a gallon from 26,400 cedis.

Kerosene goes down by 8.33 per cent from 5,333.33 cedis a litre to 4,888.89 cedis or from 24,000 cedis a gallon to 22,000 cedis. LPG is also down by 9.26 per cent from 5,700 cedis a kilogram to 5,172.41 cedis. The 14.5 kilogram bottle will now sell at 75,000 cedis from 82,650 cedis.