Ghana is earning nearly $30 more on every barrel of crude oil than the government budgeted for, a development that former Sekondi MP Andrew Egyapa Mercer says should translate into greater relief for consumers at the fuel pumps.

He has called on the government to increase its fuel price intervention from GH¢2 to GH¢5 per litre to ease the pressure on motorists and other fuel users.

Speaking on Adom FM, the former Deputy Energy Minister said the government had based its budget on an oil price of about $76 per barrel, but crude oil is currently selling at around $100.

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He described the higher oil price as a “blessing in disguise”, arguing that the additional revenue gives the state an opportunity to cushion Ghanaians from the impact of higher fuel prices.

According to him, the government should not only benefit from higher crude prices through increased revenue but should also ensure that consumers feel some relief at the pumps.

“So they should cushion Ghanaians. We can do 5 cedis relief instead of the 2 cedis so people will be relieved,” he said.

Mercer also pointed out that global crude oil prices are largely outside the control of Ghanaian governments.

He recalled that when the Russia-Ukraine conflict pushed crude oil prices to about $150 per barrel, the then-opposition NDC criticised the Akufo-Addo government over the impact of rising fuel prices.

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He argued that the same reality applies today, with the difference being that Ghana is now benefiting from higher crude prices through increased oil revenue.

He said part of the additional revenue should therefore be used to increase the current fuel intervention and provide consumers with more meaningful relief.

DR/MA


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