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Buying fuel from other sources will help stabilise petroleum prices – Economist

  • SOURCE: | qwesa2big
    • POSTED ON: November 2, 2022

    Economist Dr. Adu Owusu Sarkodie has welcomed the
    government’s decision to purchase oil from other countries or sources, saying,
    that will help control fuel prices and rising inflation.

    Fuel prices have shot up significantly at the pumps with
    petrol going for an average of ¢18 per litre, whilst diesel is selling at ¢23
    per litre.

    Speaking to Joy Business, Dr. Owusu Sarkodie, said the
    government must act fast to lessen the burden on Ghanaians.

    “The President [Akufo-Addo] touched on so many things. Key
    among them is the high cost of living, high food and energy prices and the fact
    that he’s doing something about it. For example, he has started negotiations
    with other sources of oil; other countries or companies that produce oil at a
    lower price and also to keep the exchange rate stable”.

    “I think that will also help check the price of the fuel
    because we know the high cost of fuel price is driving the high cost of prices
    of items through high transport costs in the country”, he explained.

    He pointed out that the government’s ability to control fuel
    prices would stabilise and subsequently reduce prices of foodstuffs and certain
    goods on the market.

    “So, if we are able to control fuel prices, we would be able
    to control prices of so many items within the economy”.

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