The Coalition for Social Justice (CSJ) having taken notice of the consistent drop in price of Brent crude on the international market since January 2020, is compelled to call on the government of President AkufoAddo to immediately reduce the prices of petroleum products in Ghana without further delay.
This position is informed by the consistent reduction of prices of crude oil on the international market by about 50% since January 2020, as well as the relative stability the Ghana Cedi has gained against major International currencies as a result of the impact of the CoronaVirus outbreak in the last two (2) months.
In line with the automatic price adjustment formula, government through the National Petroleum Authority has a duty to ensure a commensurate reduction in the pump prices of fuel in the country.
This reduction must be commensurate with the windfall arising from drop in international market price of crude oil and the relative stability of the Ghana cedi in the last two (2) months. For the avoidance of doubt, we are expecting a drastic reduction commensurate with the significant reduction in the price of Brent crude on the global market, which in our view should be nothing less than a 20% reduction in the pump prices of fuel.
We believe that this reduction which will bring down the price of fuel from the current exorbitant GHS24 per gallon to GHS19, will go a long way to ameliorate the sufferings of Ghanaians.
There is no gainsaying the fact that Ghanaians are currently going through excruciating economic hardships as a result of consistent increases in fuel prices by the Akufo-Addo government from an average price of GHs16 per gallon as at December 2016 to GHS24 currently. This represents a cumulative increase of over 50% in fuel prices in the last three (3) years. The sustained and astronomical increase in fuel prices coupled with the increase in taxes and the free fall of the cedi in the last three (3) years have conspired to make cost of living unbearable for Ghanaians.
We are by this release giving government a 7-day ultimatum to reduce the pump prices of fuel drastically in line with the current trend on the international market. Should the Akufo-Addo government fail to heed this legitimate call, the Coalition for Social Justice will mobilize drivers, market women, passengers, private vehicle users and all users of petroleum products unto the streets of Accra to protest against the insensitivity of Akufo-Addo government and compel the President to do the needful to assuage the plight of the ordinary Ghanaian.
VoxPopuli, Vox Dei
(Operations Director )
(Communications Director )