Crude oil down to $57; Minority demands reduction in fuel prices now

With crude oil now selling on the world market at $57.00 per barrel, the Minority in Parliament says it is nothing more than crude and insensitive for government to be selling the commodity at 17.00 cedis a gallon in Ghana.

NPP Member of Parliament for New Juabeng South Mark Assibey Yeboah said the time has come for all to rise in unison to demand a quick reduction in fuel prices.

Speaking to Joy News' Parliamentary correspondent  Elton John Brobbey the MP stated emphatically that Ghanaians should be paying between 10.00-11.00 cedis per gallon if the automatic price adjustment formula is anything to go by.

Per that formula, prices of the commodity rise in Ghana anytime the international price for crude oil increases. And when the cedi depreciates against the dollar, prices of fuel are still increased in Ghana.

The price of the commodity has risen from 5.00 cedis per gallon during 2008 to 17.00 cedis in 2014.

For several months now it appears the formula has been held in abeyance.

Prices have dropped from as high as $120.00 per barrel to $57.00; the lowest in as many years.

The reduction in the international prices and the apparent stability of the country's currency notwithstanding, fuel prices in Ghana have been stable.

Except for a two per cent reduction which was announced by the NPA last two months, the price still remains the same much to the chagrin of some stakeholders and consumers.

The NPA said it had to take advantage of the international price reduction to pay off some debts which were accrued as a result of the subsidies to consumers.

But pressure group Alliance for Accountable Governance (AFAG) is not impressed.

Not even a demonstration by AFAG has convinced the NPA to reduce prices of the commodity.

Mark Assibey Yeboah said it is time for a collective effort by all citizens to have the commodity reduced.