News
Government Can’t Reduce Fuel Prices – Jantuah
Chair of the Oil and Gas sector under the Association of Ghana Industries (AGI), Mr Kwame Jantuah has said the government will find it difficult to reduce fuel prices despite the possible impact of the geopolitical tension between Russia and Ukraine on Ghana’s petroleum sector.
He said there is nothing in the price build-up, the breakdown of what goes into fuel pricing in Ghana, that the government can touch in order to reduce prices of fuel.
Analysts have expressed concerns that the Russia-Ukraine conflict could have dire consequences on Ghana’s petroleum industry.
Speaking to TV3, Mr Kwame Jantuah said “When you look at the price build up, there is nothing in the price build up that the government can change today. The only way is they could probably look at is the Unified Petroleum Pricing Fund (UPPF).
“Even that when the transporters are transporting refined petroleum products for Bulk Oil Storage and Transportation (BOST) to go to the depots, they need to to be paid. Not unless we have a system where the refined petroleum product starts coming through a pipeline.”
