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15.10.2008 Business & Finance

Fuel prices likely to go down

By myjoyonline
Fuel prices likely to go down
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Listen to Mr. Owusu-Adjapong's take on the crude oil price

Government is likely to announce a reduction of petroleum prices sometime next week.

According to Joy News report, the Minister of Energy, Felix Owusu Agyepong, has announced that the National Petroleum Authority is studying the current crude oil prices on the world market to advice government.

The opposition National Democratic Congress (NDC) has challenged the government to review petroleum prices on the local market to reflect the global trend since crude oil prices have fallen on the global market from its recent all-time high.

A statement signed by Dr. Kwame Ampofo, NDC Member of Parliament (MP) for South Dayi, said "It is absolutely unreasonable that the prices of crude oil on the world market have been steadily falling from a high of 147 dollars per barrel to the current low of 77 dollars but prices at the pump have remained virtually unchanged over the past 4 months since July."

In response, Mr. Owusu-Adjapong noted that the NPA would have to recoup losses it incurred for not raising prices.

“In May, when we all started experiencing this turbulence and rather astronomical increases in price of fuel, government said we should put a human face to the whole exercise, so since that time, instead of the fortnight adjustment there has been no such adjustment.

“And from what I gathered from the NPA, they were doing assessment of the cost that was being incurred as a result of non-adjustment. I believe the NPA is doing the right thing by also working backwards.”

The Minister also dismissed the NDC's argument that failure of the NPA to reduce petroleum prices is wrong on the part of the government.

“Why didn't they complain when the price went to as much as 147? They did not say that the NPA should immediately increase (fuel prices). We all agree that as a country, we should put human face in what we are doing at that time and now,” he said.

Story by Isaac Essel

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