10% Reduction of Fuel Price Is Still a Betrayal Of The Automatic Adjustment Formula - Sammy Awuku

National Youth Organizer of the opposition New Patriotic Party (NPP), Sammy Awuku has bemoaned that President Mahama-led administration has betrayed Ghanaians with the automatic adjustment formula.

According to him, with the current downward trend of crude oil price, NDC government has cheated Ghanaians with only 10 percent reduction of the fuel price as they were asked to embrace the upward adjustment of the crude oil price when the world market price shot up.

Speaking on Oman Fm’s National Agenda Morning Show, Sammy Awuku wondered why with the existence of oil production in the country and the drastic reduction of crude oil price in the World market, Ghanaians under the NDC government have to suffer the hardship of fuel price.

“The automatic adjustment formula is not working because when the crude oil price shot up, Ghanaians were told to embrace the price hike which they did despite their agitations. Now the crude oil price has reduced drastically in the world market and Ghana is now oil producer but fuel price is still expensive and the only thing they could do was to reduce the price by 10% which is only coins...to me, that in itself is betrayal of the automatic adjustment formula; we should see a drastic reduction in fuel price,” he fumed.

Addressing the reason given by National Petroleum Authority (NPA) for the 10 percent reduction, Sammy Awuku has chided that the debt was incurred due to government's mismanagement of the economy which led to the cedi depreciation that made the Oil Distribution companies to suffer from foreign losses.

He has however asked the NPA to come out with the breakdown of the pricing since it is still not clear to Ghanaians, as the NDC in 2009 announced that all the debts at the Tema Oil Refinery have been paid.

Source: Daniel Adu Darko/ Peacefmonline.com/gh [Email:[email protected]]