Pressure group Alliance for Accountable Governance (AFAG) says the Mahama Administration must immediately reduce the price of fuel as the price of crude oil has fallen to an all-time low on the world market.

U.S. crude fell to $54.09 a barrel after trading at a session low of $53.72, the weakest level since May 4, 2009, when it reached $52.56.

"The trend remains down," said Robin Bieber, technical analyst and director at London-based oil broker PVM Oil Associates. "It is not advised to be long.''

At the weekend, the head of Opec reiterated that the oil cartel would not try to shore up the oil price by reducing production. The price of crude is, therefore, expected to plummet further.

Despite the consistent fall in the price of crude on the world market, Ghana’s Government has reduced the prices of fuel products by two percent. The main opposition New Patriotic Party and AFAG are not impressed by the measly reduction in fuel prices vis-à-vis the vast fall in the price of crude oil on the international market.

However, the ruling National Democratic Congress has argued that it owes over Gh¢400 million to the the country’s Bulk Distribution Companies (BDC), and, therefore, using the current over-recovery to pay the debt hence its inability to reduce the price of petrol.

In a statement issued Thursday, AFAG asked President John Mahama why fuel prices have not been reduced. “How much have been recovered for the BDCs since crude oil begun declining at the beginning of 2014?” the group asked.

It recalled that: “In 2008 when fuel prices soared to as high as $145 per barrel and declined in December, your NDC led opposition made Ghanaians to understand it was outrageous and unthinkable.

“In this regard sufficient pressure was brought to bear on the Kufour led government to reduce fuel to reflect the situation. Fuel prices decreased from Ghc5.20 a gallon to Ghc3.80 a gallon,” AFAG said, adding: “Even that you said it was not a significant decrease. Was that regime a listening one? Or yours is more sensible with an offensive and legendary 2% reduction?”

“Mr. President, Why have you abandoned the Automatic Adjustment Formula? If you run down TOR [Tema Oil Refinery] to enable your cronies to run OMCs [Oil Marketing Companies] and BDCs, why on earth must Ghanaians be made to suffer to keep you and your allies in business?

It added: “TOR is now a ghost land; A very sad situation in the life of a company that used to be vibrant and a source of employment to hundreds of Ghanaians. Our position is clear; let the fuel prices drop now else, be responsible for the aggressive and inordinate choice of words against you. You can oppress us but you cannot suppress our expressions.”