Cheap fuel purchase: Act fast to stabilise pricing - Economist to government

Economist, Dr Adu Owusu Sarkodie, has urged government to hasten its resolve toward the purchasing of oil from other sources at a much cheaper rate. Consumers of petroleum products on November 1, began to witness a significant hike in prices at various pumps as petrol and diesel were selling at around GH¢17.99 and GH¢23.49 respectively. Reacting to the development, Dr. Sarkodie believes government's decision could help control fuel prices and contain rising inflationary pressures in the country. He however emphasised on pace toward the purchase of cheaper oil products from other countries and sources. “The President [Akufo-Addo] touched on so many things. Key among them is the high cost of living, high food and energy prices and the fact that he’s doing something about it. For example, he has started negotiations with other sources of oil; other countries or companies that produce oil at a lower price and also to keep the exchange rate stable,” he is quoted by Joy Business. “I think that will also help check the price of the fuel because we know the high cost of fuel price is driving the high cost of prices of items through high transport costs in the country”, the economist explained. Dr Sarkodie further pointed out that should government be able to stabilise fuel prices across the country, it would result in a reduction of food prices and other goods on the market which has contributed to rising inflation. “So, if we are able to control fuel prices, we would be able to control prices of so many items within the economy,” he added. MA/FNOQ Watch the latest episode of BizTech below: