National Petroleum Authority (NPA), together with other stakeholders in the energy sector, is currently scouting for sources that provide feasible and reliable fuel to feed Oil Marketing Companies (OMCs) in the country.

The Information Minister, who disclosed the exercise embarked on by the NPA and some other agencies, explained that the high cost of petroleum products prompted the need to search for favourable alternatives.

Mr Kojo Oppong-Nkrumah told the media on Monday that Bulk Distribution Companies (BDCs) are obtaining petroleum products at exorbitant prices. Thus, an increase in the imported products is passed down to the OMCs, who in turn increase their prices at the pumps.

“The deregulated market we have here where BDCs import from big companies on high fees from the refinery wherever and bring them in is contributing to the quickened escalation of fuel prices.

“To arrest it, the Energy Ministry working through NPA and other agencies etc has been tasked to find reliable, cheaper sources of fuel for the Republic so that the OMCs locally can tap into and hopefully halt that escalation in fuel prices,” he said.

This goes to affirm comments made by President Akufo-Addo during his address to the nation on the current stage of the economy last Sunday.

The President stated that his government would tackle the cost of living by working to stabilise prices of petroleum products through new supply arrangements.

At the time Mr Oppong-Nkrumah made the comment, a litre of petrol and diesel cost about GH¢15 and GH¢19 respectively.

In less than 24 hours, fuel prices went up by 20 per cent, with a litre of petrol and diesel selling at GH¢17.99 and GH¢23.49 respectively.

This implies that a gallon of petrol (3.97 litres) goes for GHS68.18, while that of diesel costs GHS89.03.

Meanwhile, the government says it would stabilize the prices of petroleum products to mitigate the effects of increased fuel prices on Ghanaians.

Following the incessant rise in fuel prices, transport fares were adjusted by 19 per cent on October 29, 2022.

The implementation of the new fares has been a hard pill to swallow by several commuters.

Over the weekend, a passenger exchanged punches with a driver and his conductor over why his fare increased by GHS2 at the Lapaz bus terminal.

It is alleged that the middle-aged man died after he hit his head on the pavement after being knocked out by the driver.

Source: The Independent Ghana