Declining prices of crude oil on international market: NDC calls for reduction of fuel prices

The National Democratic Congress (NDC) has called on President Nana Addo Dankwa Akufo-Addo to immediately ensure that fuel prices at the pumps are reduced by at least 20 per cent.

According to the party, the declining prices of crude oil on the international market, amongst other factors, should have led to a drastic reduction of fuel but the government had refused to do so.

“Anything short of this [the 20 per cent reduction] should be fiercely rejected by the Ghanaian people. This, we believe, will reduce the extreme economic hardship in the country and ameliorate the plight of suffering Ghanaians,”a statement issued by NDC National Communication Officer, Sammy Gyamfi, in Accra yesterday, said.

It said the party had taken notice of the continuous reduction of the price of Brent crude on the international market in the last two months especially the over 45 per cent decline from an average price of $63.60 per barrel in January 2020 to $36 per barrel currently.

It also cited the “artificial stability of the Ghana cedi which it attributed to the COVID-19 outbreak and the injection of the recent $3 billion Eurobond into the economy, as factors that should have accounted for reduction of fuel in the country.

Within the period that crude oil prices decline on the global market, the statement said consumers only saw “an insignificant and paltry reduction” of 28 pesewas at the pump, from GH₵5.62 in January 2020 to the current average price of GH₵5.38.

“This is callous and insulting to the sensibilities of Ghanaians who are going through excruciating hardships as a result of persistent increases in the pump prices of fuel, cumulatively by over 50 per cent in three years,” it said.

According to the statement this was so especially when President Akufo-Addo whilst in opposition criticised the erstwhile Mahama regime for exorbitant fuel prices and promised to reduce same if elected.

“The NDC is appalled by this display of gross insensitivity by President Akufo-Addo who has consistently flattered to deceive on his promise to reduce fuel prices and all his flagship campaign promises,” it said.


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