Government managing fuel price pressures despite global shocks – NDC Communicator
NDC communicator says government interventions and exchange rate stability are helping cushion Ghanaians against global fuel price shocks.
A member of the National Democratic Congress (NDC) Communications Team for the Navrongo Central Constituency, Charles Galley, says the government is managing the impact of rising global fuel prices despite ongoing international developments that continue to put pressure on the petroleum market.
Speaking on the Big Mike Breakfast Show on Wednesday, August 5, Galley attributed the recent increases in fuel prices to the conflict involving Israel, the United States and Iran, saying the tensions around the Strait of Hormuz have disrupted the global oil market and affected countries that rely on imported refined petroleum products, including Ghana.
He explained that although Ghana produces crude oil, the country still imports most of its refined petroleum products, making it vulnerable to international price fluctuations.
“This fight within the Middle East has occasioned these fuel hikes. It has made it highly unpredictable,” he said.
Galley noted that government had introduced measures to cushion the impact of the price hikes, particularly by subsidising diesel to reduce pressure on transport operators and food prices.
“The president stepped in to subsidize or take the punch, especially on diesel products, so that the burden on transport operators and food prices will not be too heavy for our people,” he stated.
He also called for sustained investment in the Tema Oil Refinery and other energy infrastructure to reduce Ghana’s dependence on imported fuel and better protect the country from future external shocks.
“We accept that there are global events that can affect oil prices, but we are managing the exchange rate and, as and when necessary, government will step in to alleviate the pain of Ghanaians,” he said.
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