Business News of Wednesday, 5 May 2021
Source: 3 News
2021-05-05
Price of fuel at the pumps has seen a rise
Spokesperson for the Ministry of Energy, Kwasi Obeng Fosu, has indicated the government took a decision to reduce the fuel prices because the country is not in normal times.
According to him a meeting which took place between the Minister of Energy, Mathew Opoku Prempeh and stakeholders in the oil marketing chain including the Oil Marketing Companies (OMCS) and the Bulk Oil Storage and Transportation Company Limited (BOST) On Tuesday eventually culminated into the reduction.
The public uproar after the announcements of the upward review may have forced the government to succumb to pressure.
The 17 pesewas per litre increase in fuel margins, previously announced by the NPA was reduced to 9 pesewas per litre effective Wednesday.
Mr. Kwasi Obeng who was speaking on the 3FM’s Sunrise Morning Show said government forced the stakeholders to reduce their margins on all fuel components and not just one component.
“We decided to work on their margins to see how best we can beat it down more especially when we are not in normal times with an economy recovering from COVID-19 there was no need to overburden the citizens. We realized that Shell and others pegging their prices above GHC 6 was way too high”. He stated.
On Tuesday drivers across the country called on their mother Union, the Ghana Road Transport Union, GPRTU to immediately increase transport fares.
The GPRTU through its Industrial Relations Officer, Abbas Ibrahim Moro stated on the same show that despite the marginal reductions, GPRTU would still increase fares by the close of Wednesday.