NPP blames fuel price hikes on cedi depreciation

The General Secretary of the main opposition New Patriotic Party (NPP), Kwabena Agyepong has attributed the four per cent hikes in petroleum prices announced Tuesday as a result of the cedi depreciation.

Kwabena Agyapong at a press conference in Accra Tuesday said, "The key parameter is that they cannot control the cedi depreciation. At every turn the cedi loses to the dollar the ex-pump price would have to increase."

He said the failure by the government to arrest the jetting fall of the cedi means the populace will be saddled with needless hikes.

He said the increment signifies "symptoms of government's incompetence," adding that the hikes are unacceptable.

Prices of the various petroleum products Tuesday June 15, have gone up by 4 percent.

The increase, however, does not affect Premix and residual fuel oil. Read more

The 4 percent increment is the maximum price that no Oil Marketing Company (OMC) can go beyond.

OMCs can, however, sell their products below the 4% price under the full price deregulation of petroleum products which is kicking off partially today.

The development has been triggered by the rising prices of petroleum products on the world market and the depreciation of the local currency, the Cedi.