Petrol price up NPP blames fuel price hikes on cedi depreciation

Kwabena Agyepong has indicated that the fuel price increment increment signifies "symptoms of government's incompetence."

  • Published:
Paul Afoko and Kwabena Agyapong play Paul Afoko and Kwabena Agyepong
24/7 Live - Subscribe to the Pulse Newsletter!

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 Fuel prices up by 4%

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.

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos




Top Articles

1 Watch Water leaks from hole in wall at new Kwame Nkrumah Interchangebullet
2 Kwabena Boadu One week of demise commemorated [Photos]bullet
3 His Excellency Top 10 John Mahama quotes that will shock youbullet
4 Election 2016 Weapons allegedly seized from an NDC sympathiserbullet
5 Judgement debt Supreme Court puts on hold Amidu's oral...bullet
6 Pulse Live Daily EC extends special voting exercise by a daybullet
7 Tsatsu Tsikata God delivered justice – Wife of Tsatsubullet
8 Presidential Debate Gov't has no jobs for you - Mahama to...bullet
9 Death hits Manhyia Otumfuo's mother reported dead at 109bullet
10 Obinim "Police prevented me from facing Obinim" -...bullet

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 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
4 Video Taxi driver terrified after an encounter with a ghostbullet
5 Obinim Pastor charged with assault; sent to CID Headquartersbullet
6 Video IEA Presidential Townhall 2016bullet
7 Obinim saga We had sex only once - Obinim victims confessbullet
8 Marine Drive Project Time's up, but residents refuse to...bullet
9 Elections 2016 Nana Addo holds conference in Kumasi...bullet
10 Meet Aisha the female mate who aspires to be a driverbullet

News