Ghanaians have had to grapple with persistent increases in fuel price over the past months with virtually no solution in sight as pump prices continue to go up by the day amidst blatant denials from the Energy Ministry.
This trend leaves one wondering if indeed the ministry responsible is itself concerend or doing anything pragmatic to stem the worrying trend other than the blatant public denials of the phenomenon.
The National Petroleum Authority had earlier in the month indicated fuel prices to remain stable through the month of January but we all started recording increases at the pumps from the 4th of January, this was duly captured but denied outright by the Energy ministry, an indication of losing complete touch with the stark realities on the ground and the cry by many Ghanaians for some intervention to halt the worrying trend by the Government.
Fuel prices across some pumps have seen an average adjustment of around 4% since the 4th day of January with some pumps currently trading above 4.670/litre.
Fuel prices that used to trade at Ghc4.490/litre for both petrol and diesel have seen an increase to above 4.670 a difference of about 18p or some 4.008% increases, price per gallon per the new increases is now Ghc21.015from the previous Ghc20.20 for both products.
We continue to keep to keep an eye on international developments as well as local factors leading to these increases though one thing is quite certain, some of the many taxes particularly the SPT or special petroleum tax should have have been eased down long ago as these no longer remain justifiable around this difficult point and time.
The impending increases in transport fares by the GPRTU is indeed an indication of pretty difficult times ahead as the outlook for 2018 gives no indication of global prices dropping anywhere below the $40/barrel region again to bring pump prices down automatically as the current Energy Ministry is suggesting.
We once again reiterate our calls on the government to take an urgent look at the current price build up in use as we believe these increases will likely continue for a very long time if nothing is done about the pricing template and the numerous taxes.