Hike in crude prices: Gov’t to consider strategic stock – Terkper

Given that when the price of crude on the international market goes up or down, domestic prices are affected, the government of Ghana has given an indication that it is taking the right steps to manage hikes in prices of crude on the international market

Crude oil was at a 13-year record $25 low in mid-January 2016 and has soared more than 70 per cent since.

Analysts attributed this to factors such as a weakened dollar at the time, which raised oil prices, a drop in US oil inventories and storage space, disruption in supplies, volatility of the market, among others.

Ghana’s Minister of Finance, who doubles as acting Minister for Power, Seth Terkper, speaking on Accra-based Joy FM Tuesday July 12, said : “We (Government) are also taking some steps to make sure that when fuel prices rise, through the stabilisation levy through parliament we will be able to manage that better.”

He added: “One of the options we will be looking at seriously is strategic stocks as the US, South Africa and other countries do. So you have got to manage these things well.”