GOVT MUST INTERVENE IN RISING FUEL PRICES!

That Ghana depends on imported oil for domestic consumption is not in doubt and that price of fuel is closely linked to the economic conditions prevailing in the country, cannot be challenged.

For sometime now, any fuel price increase, no matter how small, impacts on the economic conditions of the citizens.

Indeed fuel price increases are closely linked to oil prices on the world market.

A major characteristic of the world oil market, according to experts is the uncertainty and high level of price fluctuations.

The market watchers say changes in price are usually induced by movements in supply and demand as well as speculating geopolitical conflicts as in the case of Libya and Iraq and natural disasters.

In our case, inflation also pays a major role in determining the price of the commodity because Ghana as a net importer of oil trades in the dollar.

With the cedi performing poorly against the dollar, fuel prices were bound to go up.

The current high fuel prices and its effect has brought some hardship to the ordinary people across the country.

It is for this reason that the Trades Union Congress (TUC), on Tuesday called on the government to as a matter of urgency take a second look at the rising fuel prices, which it said was having adverse implication for cost of living in the country.

It suggested that the government scrap some of the taxes and fees on fuel prices to cushion Ghanaians, stressing that “Also the government must look into the various margins and their impact on fuel pricing”.

The Ghanaian Times agrees with the TUC that fuel price increase is biting all Ghanaians.

We share in the suggestion that government should take a second look at the taxes and levies on fuel prices and scrap some of them.

We acknowledge that not all the taxes and levies can be removed as government needs the taxes to develop the country.

But it is important that the government finds ways to cushion Ghanaians in these difficult times.

We know it would not be easy but as a listening government our appeal is that it must absorb some of the taxes in order to support the ordinary Ghanaians who are bearing the brunt of the fuel price increases.

The time to act to minimise the impact of the rising fuel prices on all of us is now.

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