Do Not Blame Government for the Increase in Fuel Prices: Bawumia
The administration, according to Vice President Mahamadu Bawumia, cannot be blamed for the recent hike in fuel prices.
The increases, he claims, are the result of upheaval in the petroleum sector, which has influenced worldwide prices.
Dr. Bawumia said the global campaign to limit fossil fuel consumption in order to achieve net-zero emissions is already having an impact on the global economy, with financing for oil exploration and exploitation diminishing, addressing at the National Energy Transition Dialogue in Accra.
“We all have to be aware that this transition is going to take place over the next 30 years, but the costs of that transition are being felt today. There is less and less funding available for oil exploration and exploitation, and we are seeing this in an increase in oil prices globally.”
“We in the developing countries are facing these very high costs of petroleum prices, and that is resulting in many economic impacts such as inflation as prices of goods increase in response to the increase in petroleum prices.”
“There are many who have said that the petroleum price increase is going to remain at the high levels; we are not going to see any major declines. How do we as developing countries like Ghana adjust to this new reality, if it becomes a new normal of high oil prices and its impact on the macro variables in our respective economies?”
However, a liter of petrol at the pump has crossed the GH¢8 cedis price mark and that has affected pricing for goods and services and the repercussive effect on the standard of living.
