The Institute for Energy Security (IES) has urged the government to use the profits from the country’s crude oil windfall sales to cushion Ghanaians in the face of the current energy crisis.
The Institute intimated that it will be a major step toward controlling the prevailing price increases in petroleum and diesel products.
Speaking to Citi News, the Executive Director of the Institute, Nana Amoasi VII said if the Government is serious about finding soothing relief to Ghanaians in these current oil difficulties, it should not only be fixated 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 and (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 GSH23.19 while petrol sells at 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 Ghs20.