Former Member of Parliament for Damongo Adam Mutawakilu has called on government to focus on the cedi depreciation if it wants to tackle fuel price increases at the pumps.
According to him the cedi depreciation is the major factor driving up the price of fuel at the pumps.
A government delegation led by Deputy Energy minister Andrew Egyapa Mercer is reported to be in Abu Dhabi to negotiate an arrangement to bring petroleum products into the country.
The move is part of moves by government to “work to stabilize prices of petroleum products through new supply arrangements”
Speaking to Sena Nombo on the Gold Morning Conversation, former MP for Damongo Adam Mutawakilu says the moves being made by government would not solve the problem as they do not address the major factor affecting the fuel prices.
He said though the prices of crude on the international market went up a few months ago, the situation has stabilized hence supply arrangements cannot be the problem.
Adam Mutawakilu said the price of fuel is being driven up by the cedi depreciation because the refined product is purchased with dollars.
The cedi has depreciated significantly against the dollar over the month of October 2022 leading to widespread increases in cost of food and other products.
The former Damongo MP called on government to wake up to its responsibility and tackle the depreciation of the cedi to reduce fuel prices.
Source: Radiogoldlive.com
