Fuel hikes: Energy Ministry to engage stakeholders over price methodology

The Ministry of Energy has said it will soon meet the National Petroleum Association (NPA), the Ministry of Finance, and the central bank to find solutions to the rising cost of fuel in the country. The Ministry’s assurance comes on the back of unprecedented hikes in fuel prices in recent times. Petrol is currently selling at GHC13 and diesel has closed the Ghc15 mark as the current increment is likely to affect transport fares shortly. However, speaking on the Morning Starr with Francis Abban Monday, the Deputy Minister for Energy, Andrew Egyapa Mercer indicated that the pricing methodology does not favor the consumer. He added that the Ministry of Energy is therefore taking pragmatic steps towards ensuring that the pricing methodology does not affect the consumer. “So the plan is to engage the NPA together with the Bank of Ghana and officials from the Ministry of Finance and Energy to see how these pricing methods will create value for consumers,” the deputy minister stated. However, the Institute of Energy Security (IES) has predicted a further increase in fuel prices because of the continuous depreciation of the Ghana cedi. IES also hinged a hike in fuel prices on the decision by Oil Producing Countries to scale down on the production of crude oil. “I will not say there is an end in sight. I am not convinced because if you look at the international market, Italy and others are cutting down on production of supply. The key one being the crude oil that will impact on price negatively,” the Executive Director of IES, Nana Amuasi VII told Starr News.