The Institute for Energy Security (IES) has urged government to use the profits from the country’s crude oil windfall sales to sustain Ghanaians in the face of the current energy crisis.
This, the IES says, will be a major step toward controlling the prevailing price increases in petroleum and diesel products.
In an interview with the media, Nana Amoasi VII, the Executive Director of the Institute, said if the Government is serious about finding soothing relief for Ghanaians in these difficult times, it should not only be focused on “outsourcing reliable and regular oil supply” as outlined by the President during a speech on Ghana’s economic crisis.
“If the Government is serious about bringing any relief to Ghanaians at this moment, there are many strategies and mechanisms beyond Tema Oil Refinery(TOR) and Bulk Oil Storage and Transportation Company Limited (BOST) workings to deal with the situation.
“Some countries have found it necessary to introduce subsidies to cushion consumers. Some have cut down on their taxes and levies, and some have resorted to increasing production or refining their own indigenous crude. Most of them are also currently fighting against importing of foreign currency that is used to purchase crude oil and fuel.”
This, Nana Amoasi VII believes, will help reduce fuel prices in the market and bring respite to petroleum consumers.
Currently, diesel is selling for GHS 23.19 while petrol sells for GHS 17.48 at the various pumps across the country.
The Chamber of Bulk Oil Distributors has also warned that the price of a litre of petrol will soon hit GHS 20.