Minority blames fuel price hikes on falling cedi

Minority blames fuel price hikes on falling cedi

 

 

The Minority in Parliament is attributing the increase in fuel prices on the depreciating cedi.

Fuel prices were increased at the pump by some Oil Marketing Companies (OMCs) with the Chamber of Petroleum Producers asking for taxes on petroleum products to be reduced.

According to Ranking member on the mines and energy committee of parliament Adam Mutawakilu, the cedi depreciation had reached crisis level due to the incompetence of managers of the economy.

 

 

“This government is always taking us for granted.  We don’t see the reason why we should increase fuel prices. Is it because the cedi is depreciating?” he quizzed.

“If the cedi is depreciating, the vice president Dr Bawumiah should be held responsible and not shifting it to Ghanaians. So I condemn this and expect that President Nana Akufo Addo should make sure that it is reversed. He cannot be transferring his incompetence on ordinary Ghanaians, he added.

 

 

When asked what in his view might have contributed to the price hike, the Damongo MP said “depreciation of the cedi. Today the cedi has depreciated to about 6.8 to 9. That is purely the reason. And I don’t think that level of incompetence, Ghanaians should pay for it.”