Vice President Mahamadu Bawumia says the administration is not to blame for recent gasoline price increases.
He attributed the increases to the oil industry’s upheaval, which influenced worldwide prices.
Dr. Bawumia said the international campaign to cut fossil fuel consumption to reach net-zero emissions is already impacting the global economy, with financing for oil exploration and exploitation diminishing.
“We all need to realize that this change will take 30 years, but the effects are already being felt now. Oil exploration and extraction are becoming more expensive due to a lack of finance.
“The high cost of petroleum is causing several economic repercussions such as inflation as products prices rise in reaction to the increase in fuel prices.”
“Many believe that the rise in oil prices will continue and that there will be no substantial dips. How can we, as developing nations like Ghana, respond to this new reality of rising oil prices and their influence on macro factors in our economies?”
Meanwhile, a liter of fuel costs GH8 cedis, affecting the cost of products and services, and hence the level of life.
Source: TheBBCghana.Com
