According to the Communication Director of the National Petroleum Authority (NPA), Abdul Kudus Mohammed, the pricing of fuel cannot be controlled when its suggestions on the global market remain in a surge.
Earlier reports from Bulk Oil Distribution Companies indicated that fuel prices and a kilogramme of LPG are expected to decrease by some $7 per litre and by 7% respectively, within the early few days in July.
Meanwhile, fuel and petroleum prices in Ghana continue to spike despite the indications from the report.
Following this, in an interview on the Happy Morning Show, Mr. Abdul Mohammed discredited the reports by the Bulk Oil Distribution Companies, considering them “misleading”.
He emphasized that Ghana imports more refined goods than crude, which has a set price. The spokesperson of the NPA earlier clarified that the ongoing Russia – Ukraine war had resulted in a 40% cut in diesel supply which had led to the increase in fuel prices.
He reiterated that 40% of Europe’s Diesel needs were being met by Russia before the war. The consequence of the war is that the quantity left for Europe and the remaining world had been cut short and basic economics teaches that prices are likely to go up when supply declines because there will be a scramble for the sparse commodity.
This, he said, has led to diesel prices going up while crude on the market has reduced.
Priscilla Fumadorh
Priscilla is an entrepreneur and a creative communicator who loves to communicate through writing. She is passionate about national economic issues and does not miss a chance to offer her opinions on them for the good of the country.