Fuel price drop has
nothing to do with gold for oil policy – ACEP
The African Center for
Energy Policy (ACEP) has refuted claims by government that the recent drop in
fuel prices should be attributed to government’s Gold for Oil Policy.
According to ACEP, the
recent drop in fuel prices is due to a global drop in crude oil prices and has
nothing to do with government’s Gold for Oil Policy.
At the commissioning of a
new office complex for BOST, Vice President Dr. Mahamudu Bawumia alluded to the
fact that the Gold for Oil policy has resulted in significant price reductions
at the pump, much to the relief of motorists.
However, ACEP Executive
Director, Benjamin Boakye believes the government should not take credit for
“If you are really
analysing how the pricing mechanics work, you would note that it has nothing to
do with gold for oil policy. We are seeing prices on the international market
drop. Indications are that, it is even going to drop further.”
Meanwhile, the Ranking
Member of Parliament’s Mines and Energy Committee, John Jinapor has also
refuted the Vice President’s claim that the Gold for Oil Policy is to blame for
the recent drop in fuel prices.
legislator claims that the decline is due to a drop in global market prices.
Vice President, Dr.
Mahamudu Bawumia announced this on Wednesday that consumers of petroleum
products should expect further reductions in fuel prices at the pump as a
result of the implementation of the Gold for Oil Policy.
However, according to Mr.
Jinapor, “The Vice President is not being honest. In January, crude oil
price on the international market US$97. 92 per barrel after dropping from
about US$100. Now, it is about US$ 72 per barrel. So, if you have crude oil,
you can’t attribute it to your gold for oil”, he said.