Energy analyst and member of the New Patriotic Party (NPP), Kwadwo Nsafoah Poku, has appealed to the public and politicians to avoid politicizing the issue of fuel prices in Ghana.

This plea comes in the wake of a significant increase in fuel prices by Oil Marketing Companies (OMCs) on April 16, 2024, during the second pricing window of the month.

This comes after reports of substantial hikes at various OMC outlets, with Goil, a government-run entity, raising petrol prices from GHȼ14.15 to GHȼ14.99 per litre, and diesel reaching GHȼ14.80 per litre, up from GHȼ14.74.

Speaking on Citi TV's The Big Issue on April 20, 2024, and monitored by GhanaWeb, Kwadwo Nsafoah Poku emphasized that fuel prices should not be used as a political tool, as the factors influencing these prices are largely beyond the control of any single government.

“I have always entreated everybody that we shouldn’t play politics with petroleum prices. Politicians tend to deduce petroleum prices for political games. But it doesn’t matter who is in power, there isn’t much that you can do. Some factors have affected the petroleum prices and they’re mainly and largely commercial,” he said.

He cited global dynamics, particularly the ongoing conflicts in the Middle East, which have led to increased crude oil prices worldwide, as an example.

Additionally, he mentioned the fluctuating exchange rates of the Ghanaian cedi against the US dollar as a contributing factor to the instability of fuel prices.

“We have seen the drones and the missiles and all the fight going on in the Middle East. The tension in the Middle East is seriously affecting international prices of crude oil… the tension in the Middle East is going to create a lot more tension in the international prices of energy products and commodities. The unstable cedi to the dollar has also not helped,” he stated.

Poku's comments highlight the complex interplay of international events and economic policies on local fuel prices, suggesting a more pragmatic and less partisan approach to the issue.

ID/AE

Watch the latest edition of BizHeadlines below:



Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel