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Managing Editor of the Insight newspaper, Kwesi Pratt Jnr. has ridiculed the Finance Minister's measure to cut down fuel prices by 15 pesewas.

As the fuel prices go up and compounding the woes of Ghanaians, the Finance Minister has outlined how the government is going to assuage the populace.

Speaking in a press briefing on Thursday, March 24, 2022, the Minister stated that, "the rising prices of fuel at the pumps is influenced largely by the rising crude oil prices on the international market and the exchange rate depreciation. Though the rise in crude oil prices should have been to our benefit on net basis, Ghana’s import of petroleum products amounts to 5.2 times the value of the proceeds from its crude oil exports".

He expounded; "In 2022, we exported $3,947.70 million of which Ghana’s portion was $513 million. However, we imported $2,719.00 of crude oil and finished products. The purported windfall gain in foreign exchange is a mirage. From January to date, the average ex-pump price of diesel and petrol have increased by 57% and 45% respectively. Unlike in other countries where the hike in crude oil prices and exchange rate volatility are leading to shortages in supply of petroleum products, government is implementing measures to guarantee a constant supply of petroleum products."

To mitigate the impact of the rising price of petroleum products, he disclosed that the government has decided to, for the next three months, reduce "margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1st April".

"Ladies and gentlemen, these reductions in margins are expected to reduce prices of petrol by 1.6% and diesel by 1.4%. We anticipate that the measures taken to strengthen the currency will help further stabilize the prices at the pump. Ladies and gentlemen, the NPA is in discussion with the OMCs to reduce their margins within the spirit of burden-sharing. The Government will do all it can to ensure consistent supply of fuel and manage the rate of ex-pump price increase by ensuring that BoG has access to adequate foreign exchange," he added.

But Kwesi Pratt finds these measures risible as he sees little to no impact they make on the fuel prices.

Making his submissions on Peace FM's 'Kokrokoo', the seasoned Journalist queried the Minister asking, "What are we using 15 pesewas to do in today's Ghana? Can 15p even buy groundnuts? What does this 15p mean?''

As he laughed over the reduction, he, however, hoped the government will stay committed to the measures and adopt further ones to remedy the economic situation confronting the nation.