C26bn realised five days after petroleum price hike

Accra, June 28, GNA - Twenty-eight point two billion cedis was realised between February 18 and February 22, 2005 after the increase in the prices of petroleum products, Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning told Parliament on Tuesday.

He said Parliament would next week determine the conditions for the disbursement of the amount, which he had lodged in an Escrow Account. Mr Baah-Wiredu, who was answering parliamentary questions said, "next week I will submit the appropriate figures to this House for discussion and decisions".

Mr John Akologu Tia, NDC MP for Talensi, asked the Minister how much revenue was realised between February 18 and February 22 2005 following the price increases.

The Minister said the Government raised petroleum prices by 50 per cent on average bringing retail prices to import parity levels.