'We are on the IMF program yet fuel prices keep increasing' - Bridget Otoo

Prominent media personality, Bridget Otoo, has expressed worry over the recent surge in fuel prices amid the economic crisis the country is battling with.

She bemoaned why the government has secured a loan from the International Monetary Fund (IMF) to mitigate its financial woes, yet the prices of fuel keep rising, thereby putting a burden on the citizens.

According to her, Ghanaians thought things would get better after securing the IMF loan, however, the cost of living seems to be getting worse with each passing day.

“Fuel is expected to hit 17cedis. The scariest part is we are on an IMF program and things are supposed to be better,” Bridget wrote on her X page, sighted by GhanaWeb.

Background

Petroleum consumers in the country witnessed another hike in the prices of products on April 4, 2024.

This came after the National Petroleum Authority (NPA) reversed its decision to suspend the Price Stabilization and Recovery Levy (PSRL) on the price build-up of petroleum products.

In a letter dated April 3, 2024, and copied to various stakeholders in the oil marketing and distribution industry, the regulator [NPA] directed them to apply 16 pesewas per litre of Petrol, 14 pesewas per litre of Diesel, and 14 pesewas on every Kg per Liquefied Petroleum Gas (LPG).

In the wake of this, the state-owned Oil Marketing Company, GOIL, adjusted its prices of petrol and diesel selling at GH¢14.15 per litre and GH¢14.74 per litre respectively.

The price adjustment, according to GOIL took effect on April 4, 2024.

It is expected that other OMCs in the country will also adjust their prices to align with the directive issued by the NPA.

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Fuel is expected to hit 17cedis. The scariest part is we are on an IMF program and things are supposed to be better

— Bee (@Bridget_Otoo) April 6, 2024