Reduce Oil Price Now- Cenab UK Demands

CENAB UK, an advocacy group supporting the ticket of Nana Addo and Dr Bawumia to lead Ghana, is calling on President Mahama’s government to reduce crude oil prices in Ghana to correspond with the international convention of automatic adjustment following the OPEC projection that crude prices will remain low for the next five years.

CENAB-UK cannot understand why President Mahama’s government has been so adamant in reducing the oil price to help reduce the hardship Ghanaians are enduring despite the continuum drops of crude oil prices on world market. The government, in the opinion of the group, is being wicked and cheating Ghanaian consumers while greedily accumulating huge sums of profit to feed their lavish lifestyle.

The Organization of the Petroleum Exporting Countries (OPEC, a permanent, international organization has announced in their news bulletin that the world's oil price would continue to stay low in the next decade. OPEC, whose mandate is to coordinate and unify the petroleum policies of its members and to ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.

The big oil producers, like Saudi Arabia and the United Arab Emirates have reiterated their pledges to keep pumping the same amount of crude, keeping the price still low. It worth noting that the world oil price has fallen more than 40 percent in the last six months and has now reached the five years low. Crude oil price has dropped from $115/b to $50/b, yet the existing pump price in Ghana has stayed the same at when the price was all times high. Fuel price in the UK and many other countries have since been reduced drastically. On the wings of these, CENAB UK condemns the insensitive-hearted nature of President Mahama and his NDC government towards Ghanaians.

The group, made up of Ghanaians from various political ideological backgrounds, have closely observed that, through this insensitivity of the Mahama-led government, life and living conditions have become difficult for the ordinary people. This situation, the advocacy group sympathise with, but fears being labelled as requiring elevation and suffering from selective myopia disease.

The advocacy group contends that the price reduction in Ghana should follow the internationally accepted automatic adjustment formula which allows for correspondent reduction following a price change. A fall in crude oil price is always good for consumers in every country, as transport cost feeds into the price of every product. In fairness, therefore whenever crude oil gets cheaper, everything ought to become cheaper, but this formula does not apply in President Mahama’s Ghana. A typical example is the fact the world market price oil has reduced yet Ghana’s inflationary rate keeps rising, with currently inflation hitting 16%.

CENAB UK laments about the insensitive nature of the government which has turned into an open insult machinery, describing those facing economic and social hardships as suffering from selective myopia and requiring elevation.

Source: CENAB- UK

Email: cenabuk@gmail.com