Kan Dapaah Speaks On Petroleum Products

The Minister of Mines and Energy, Hon. Albert Kan Dapaah, has disclosed that petroleum products currently enjoy a huge subsidy of ?6 billion daily, over ?40 billion a week and more than ?160 billion every month.

Commenting on the pricing of fuel, he said "if fuel is substantially increased it will adversely affect the macro economy of the country."

The Minister, who was speaking on a private radio station, said an increase in prices should be expected anytime soon, though the "increase is not going to be immediate as being assumed."

Hon. Dapaah indicated that policies to mitigate the effect of price increases must first be worked out before any price increases are carried out in the short term, whilst working on a long term solution.

He said in the event of an increase in fuel prices it would be very essential to "sit down with transport unions to come out with fares."

Mr. Kan Dapaah attributed the Current state of uncertain fuel prices to the refusal of the past government to allow deregulation of fuel pricing so that the market forces determine price, even though a decision was made to that effect in 1997.