The Energy Minister, Professor Mike Ocquaye says government may be compelled to use money accrued from Debt Recovery Fund Levy to subsidize fuel prices should the price continue to increase.
Crude oil is now selling at $56 per barrel. And Professor Ocquaye says if the price goes up beyond what government can handle, they will be compelled to stop servicing what is left of the TOR debt and use the money to cushion the consumer.
Professor Ocquaye was speaking at a forum organized by E-World for Sustainable development for the Moslem community in Nima near Accra.
The Energy Minister told Joy News that, less than half of the TOR debt has been cleared so far.
He said considering the escalating crude oil prices, government might be forced to stop servicing the debt and use the Debt Recovery Fund Levy to subsidize fuel prices.
The forum was to offer an opportunity for the residents of Nima to interact with the minister on governments deregulation policy.