Vice President Mahamadu Bawumia has said the government cannot be held responsible for the recent increase in fuel prices.
According to him, the increments were a result of turmoil in the petroleum sector which has affected global pricing.
Dr. Bawumia, speaking at the National Energy Transition Dialogue in Accra, said the worldwide push to reduce fossil fuel use in order to achieve net-zero emissions is already having an impact on the global economy, with funding for oil exploration and exploitation shrinking.
“We all have to be aware that this transition is going to take place over the next 30 years, but the costs of that transition are being felt today. There is less and less funding available for oil exploration and exploitation, and we are seeing this in an increase in oil prices globally.”
“We in the developing countries are facing these very high costs of petroleum prices, and that is resulting in many economic impacts such as inflation as prices of goods increase in response to the increase in petroleum prices.”
“There are many who have said that the petroleum price increase is going to remain at the high levels; we are not going to see any major declines. How do we as developing countries like Ghana adjust to this new reality, if it becomes a new normal of high oil prices and its impact on the macro variables in our respective economies?”
Meanwhile, a liter of petrol at the pump has crossed the GH¢8 cedis price mark and that has affected pricing for goods and services and the repercussive effect on the standard of living.
