Cushion Ghanaians against increasing cost of fuel prices – Richard Gyan to Government

Member of Parliament of Gomoa West, Richard Gyan, has called on the Government to as a matter of urgency act decisively to ensure the cost of fuel in the country is reduced.

According to him, the increasing cost of fuel on the market is “gradually becoming the most dreaded nightmare confronting Ghanaians.”

Making a statement in Parliament on Friday, the Gomoa West Legislator argued that the increasing cost of fuel affects all aspects of lives of Ghanaians and ultimately accounts for the increasing cost of living in the country.

“The recent (persistent) hikes in the prices of petroleum products in Ghana are gradually becoming the most dreaded nightmare confronting Ghanaians. One wonders what exactly could be the reason behind the recent persistent price hikes in petroleum products.”

Among other things, the Member of Parliament advised the Government to subsidize prices using revenue from crude oil windfall profits as well as to suspend petroleum taxes and levies until the price per litre falls below GH¢ 10.00

In the short term, Mr. Gyan-Mensah called on Government to conduct a high-level stakeholder engagement to address the soaring cost of fuel.

He also advocated for the strengthening of the Tema Oil Refinery (TOR) to fully utilise its storage capacity for petroleum products and LPG.

Here are the 7 proposed measures by Hon. Richard Gyan to Government;
1. Subsidize prices using revenue from the crude oil windfall profits.
2. Suspend petroleum taxes and levies until the price per litre falls below GHC 10.00.
3. Ensure BDCs have a stable supply of foreign currencies to import more fuel to meet growing national demand.
4. Engage the BOG and Association of Bankers on the Single Obligor Limit as trading lines issued to BDCs have reduced drastically because of the depreciating cedi
5. Engage and support the BDCs to enable them to import cheaper petroleum products with 50 ppm quality to lower the ex-refinery prices.
6. Take a second look at the cost of discharging petroleum products in Ghana, especially at the port and CBM charges which are the highest in the sub-region.
7. Compel the Metro Mass Transit and Bus Rapid Transit System (Ayalolo) to provide adequate and cheaper public buses to ease the transportation hardship on Ghanaians.