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Business News of Tuesday, 31 March 2020

Source: 3 News

Reduction in fuel prices non-negotiable – NDC MP


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The Ranking Member of the Committee on Mines and Energy in Parliament, Adam Mutawakilu, has called for an immediate reduction in prices of fuel.

He points out that the trend on the international market makes it imperative for government to reduce the prices by at least 20 per cent.

The Minister of Energy, John-Peter Amewu, and the Chief Executive Officer of the National Petroleum Authority (NPA), Hassan Tampuli, in unison promised Ghanaians a marked reduction in fuel prices.

But the Member of Parliament for Damongo Constituency felt calls by his party, the National Democratic Congress (NDC), and civil society group Chamber of Petroleum Consumers (COPEC) were unheeded to by government.

“Since the close of the second week of March 2020, prices of crude and finished products continue to tumble in the international market,” the NDC MP said in a statement.

“The Minority Caucus has analysed the trends in prices of crude and petroleum products since the beginning of the year and is of the firm belief that prices at the pumps should be reduced by at least 20%”

He added that the recent reduction by an average of 4.7 per cent by the OMCs was not reflective of the analysis on the international market.

Mr Mutawakilu said Ghanaians need the reduction now more than ever as a result of the measures put in place by government in the fight against Covid-19.

“A significant reduction in the prices of fuels is non-negotiable as the pandemic is exacting a toll on businesses and most companies are scaling down their operations with others laying off workers.”

He said the lockdown has further worsened the burden on the average Ghanaian.

“The least government can do at this critical stage to mitigate the suffering and hardship faced by the average Ghanaian is to reduce fuel prices by at least 20% taking into account the massive drop in the price of crude and finished products n the international market, which are currently not reflecting at the pumps.”

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