Former Chief Executive of the National Petroleum Authority, Alex Mould has described as scandalous the recent fuel price reduction by Ghana Oil Company Ltd (GOIL)
According to Mr. Mould, GOIL’s percentage price drop is insignificant as the price of oil on the international market has fallen drastically.
“Oil prices down 7.5%, cedi appreciates from 5.7 to 5.25 nearly 7.5% and fuel prices reduce by less than 0.2%. Are we joking in this country,” he quizzed.
Mr. Mould said deregulation of petroleum downstream industry implemented by former President Mahama’s administration was about allowing the consumer to benefit from favourable market conditions such as drops in oil price and appreciation of the cedi.
“This Government seems insensitive to the sufferings of the majority of the citizens and rather seems to favour the few that control the economy” he emphasized.
His comments come on the back of the Ghana Oil Company Ltd, GOIL, announcing a reduced fuel price at all its retail outlets with effect from Saturday, February 22, 2020.
The price change is in line with the drop in international petroleum prices and the relative stability of the cedi.
In a release issued by GOIL, the indigenous petroleum company said a litre of its newly introduced SuperXP RON 95 is now 5.40 cedis while Diesel will now sell at 5.41 cedis.
The reduction also results from the recent introduction of higher grade Super XP (RON 95) onto the market at no extra cost to customers.