Business News Fri, 25 Dec 2020

Fuel deregulation exercise did not help Ghana – Energy Expert

Energy Expect, Kojo Poku says he is disappointed at the recent increase in fuel prices because the reasons for increasing fuel is not reasonable.

He said the Oil Marketing Companies (OMCs), and the Bulk Oil Distributors ( BDCs) during the onset of COVID-19 said they made loses in the past and so in April, May, June petrol prices around the world was US$164 per metric tonnes but the oil marketing companies insisted they made loses in the past and so they were using the period to recover their losses.

The energy expert said this in an interview with Alfred Ocansey, Host of the Sunrise Morning Show on 3FM.

According to the Kojo Poku, the deregulation is to be blamed for this because it has not worked in favor of the consuming public.

“That is why the deregulation policy implemented by the government five years ago has not worked so for me going into the new administration in 2021 we really need to engage government and take a look at this again”.

He also stated “Deregulation was to bring in competition, deregulation was to now let the companies compete. One of the main thing that the NPA put as a caveat is that there is not carteling but clearly what we have seen at the pump is carteling”.

He said companies should not enrich at the expense of the ordinary citizen.

On Monday, consumers were slapped with fuel hikes of about 67 percent increase in the Price Build up.
Source: 3news.com
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