The Paramount Chief and the Agbogbomefia of the Asogli State, Togbe Afede XIV has indicated that the poor performance of the Ghanaian cedi is the major cause of the high prices of petroleum products in the country.
Since January 2022, the prices of fuel at the local pumps have witnessed astronomical increases.
Just last week, the price of fuel including petrol and diesel at the pumps hit GHS10 per litre.
Sharing his thoughts on the situation that has left many Ghanaians worried over the hardships bound to follow, Togbe Afede XIV says it won’t be right to put blame on local inflation or the international market.
Speaking to the Board and Management of the National Petroleum Authority (NPA) after they paid a courtesy call on him at Ho in the Volta Region, the renowned businessman stressed that the high cost of fuel in the country is a result of the cedi depreciation.
“So it is not local inflation per se, neither is it about world market price of crude but falling value of cedi, that is a big challenge. I was surprised when yesterday I heard the cedi has crossed the GHC8 mark to the dollar.
“When you imagine that only recently the cedi was GH5 to the dollar, it means that GHC8 to the dollar is a 60% jump over a short period. This means that even if the gold price is still the same the dollar effect alone will have meant a 60% rise in the local price of petroleum products,” Togbe Afede XIV shared.
Taking turns to speak, the Chief Executive Officer (CEO) for the NPA, Mr. Mustapha Hamid gave the assurance that his outfit and government are working to implement measures to address the fuel price hikes.
