Reduce fuel prices now - Minority

The Deputy Minority Leader Dominic Nitiwul is leading a crusade for the government to reduce fuel prices drastically, as crude oil prices hit a four-year low on the world market.

Saudi Arabia early this month unexpectedly cut the price of oil sold to the US. Brent crude fell to near $82 a barrel on November 4, as worries about global growth also spooked investors. The price cut also sent shares in many energy firms lower, pushing down all three US share indexes.

The National Petroleum Authority of Ghana (NPA) during its last fuel prices review brought down prices by two per cent, a development the minority leadership is unhappy with since they argue is not reflective of the changes in prices on the world market.

“Government through NPA must quickly reduce the prices,” Nitiwul told private network TV3. “It is not the ordinary, poor man on the streets who should pay for government’s inefficiency.”

He added: “Government must pay for the under-recoveries since they budgeted for it. Let government through NPA reduce the [fuel] prices today, everything will start coming down and down.

“That is why this crusade I am beginning today will not stop until the NPA begins to reduce the prices.”