More fire Price hike in petroleum products unjustified - IMANI boss fumes

According to him, the increment would have been understandable at a time when economic hardship has been managed

  • Published:
Franklin Cudjoe says he will support smuggling of cocoa to Ivory Coast play IMANI boss, Franklin Cudjoe
24/7 Live - Subscribe to the Pulse Newsletter!

The Founder and Chief Executive officer of IMANI Ghana, Franklin Cudjoe has said the timing of the fuel increment is wrong.

According to him, the increment would have been understandable at a time when economic hardship has been managed.

The National Petroleum Authority (NPA), last Saturday increased petroleum products by 9% with effect from Sunday, May 17, 2015. Petrol will now be sold at GHc3.33 per litre while Diesel will be sold at GHc3.24 per litre. A kilogram of LPG is expected to be sold at GHc2.88, MGO Local will go up GHc2.96. Unified petroleum is expected to go up by 4% while Kerosene will be up by 9%. However, prices of premix fuel and RFO remain the same.

Reacting to this in a Facebook post, the IMANI boss said there is no reasonable justification for the increment in petroleum prices.

Read below what Franklin said on Facebook

“There cannot be a reasonable justification for a price hike in petroleum products. Not now at least when every economic leaf has been squeezed of all its nutrients. 

I have seen that the Ghanaian currency, the cedi has deeply depreciated against the major currencies again and some say it has impacted the current price hike on petroleum products. 

If as suggested, this 9% price hike is to offset further depreciation of the cedi against major currencies, the answer lies in better economic management, not wanton panicky measures.

I have also learnt of a 1 percentage point increase in the Bank of Ghana policy rate from 21% to 22% on May 13, a week after the government, through the Ministry of Trade, Bank of Ghana and all major civil society heads and banking professionals lamented over the high cost of credit in Ghana in a big conference. 

I was invited to be a panellist, but I declined as I knew it would have been a total waste of my time. I was justified. “

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos




Top Articles

1 In Central Region Police intercept a bunch of cedi notes in over 30...bullet
2 Election 2016 Ghana's presidential candidates make final push before votebullet
3 Electoral Commission My husband did not design new EC logo -...bullet
4 Election 2016 Ghana's opposition candidate 'confident' he's wonbullet
5 Redevelopment Mahama opens Kejetia market today [Photos]bullet
6 2016 elections Nana Addo has won spiritually but… - Prophetbullet
7 Election 2016 IMANI sets 5 priorities for president-elect...bullet
8 Judgment debt Supreme Court adjourns Amidu vs Woyome case...bullet
9 Chaos At Bus Stations NDC, NPP hijack buses at terminals...bullet
10 In Eastern Region NDC DCE robbed at gunpointbullet

Top Videos

1 Kwame Nkrumah Interchange Water leaks from hole in wall at new Kwame...bullet
2 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
3 Video IEA Presidential Townhall 2016bullet
4 Obinim saga We had sex only once - Obinim victims confessbullet
5 Elections 2016 Nana Addo holds conference in Kumasi ahead of Dec...bullet
6 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
7 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
8 Video Florence Obinim defends husband Bishop Obinimbullet
9 Video Taxi driver terrified after an encounter with a ghostbullet
10 Bishop Obinim Saga Teenagers disciplined by Obinim...bullet

News