There is no doubt that the cost of living in recent times has been unbearable for the vast majority of Ghanaians, a direct result of the calamitous fall in the value of the cedi over the last three (3) years and the very high increases in the prices of water, electricity, petrol and the rate of VAT.
At GHC15 a gallon of petrol in Ghana, oil was selling above 100 dollars a barrel, and the dollar was trading at an average of GHC3.80p. Since then, oil has fallen to about $60 a barrel, and the dollar is trading at an average of GHC3.20p.
By these price movements, petrol should be selling around GHC13 a gallon. The current price of about GHC17 a gallon is therefore highly extortionate and inconsiderate of the hardships Ghanaians are going through.
Government has given an excuse that it owes the Bulk Distribution Companies for forex losses. This is highly untenable because the forex losses are as a result of the government’s inability to maintain the value of the cedi. Ghanaians have also not been told when these supposed losses will be fully covered.
Meanwhile, the price of oil continues to fall.
The NPP calls on the government to as a matter of urgency apply the automatic adjustment formula to reduce the price of petrol.
The current hardships caused by the high cost of living are not sustainable. Ghanaians deserve some relief now by the immediate reduction in the price of petrol in accordance with the reduction in the prices of oil and the dollar.