Prime News Ghana

Alex Mould back calls for reduction in fuel prices 

By Justice Kofi Bimpeh
Alex Mould
Alex Mould
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Former Chief Executive for GNPC Alex Mould has backed calls for a review in petroleum prices due to the cedi's sustained appreciation.

According to him, petroleum consumers must enjoy gains from the local currency, in the same manner, they endure during its depreciation.

The cedi has witnessed record appreciation in the first two months of the year against the dollar. The cedi is currently trading at 5.32827 to a dollar. 

Speaking to Joy FM on the sideline of the Graphic Business/Stanbic Bank Breakfast Meeting in Accra, Alex Mould said there should be a decrease in petroleum products. 

READ ALSO: Fuel prices go up by GHS9p 

He explained that Ghanaians need to be worried if there is no reduction in fuel prices in line with the strong recovery of the cedi.

"If we see increase in price due to.... depreciation of the cedi, then we should see decrease in price due to the actual appreciation of the cedi that we are hearing about, if that does not happen then I think consumers should be very worried, and people should start asking questions as to why the petrol prices we are paying for have not gone down."

Alex Mould also aksed the Petroleum Authority and the Finance Ministry to come clear on the taxes Ghanaians are paying on these products and what the monies are being used for.

What people should critically look at is amount of taxes we are paying on petroleum and what those taxes are being used for, there should be more accountability, the National Petroleum Authority should come out very clearly as to how much taxes we are paying and Finance Ministry should tell the people of Ghana what those taxes are being used for..."