Government has blamed market forces for the increase in petroleum prices on the market.
At a news conference in Accra on Wednesday, September 27, Deputy Minister of energy in charge of petroleum Dr Mohammed Anim Adam said government and the National Petroleum Authority [NPA] as a regulatory body have no responsibility for fixing oil prices on the market.
According to him, market forces such as demand, supply, forex, depreciation of the cedi and international crude oil prices affect the pricing of petroleum in the country.
The prices of fuel products are soaring in the country with petroleum hitting GHS20 per gallon. Most drivers are complaining about the hike in the product.Â
Dr Mohammed Anim Adam said factors which are within the control of government have been worked on.
He noted special petroleum tax and excise tax have been abolished as part of government’s plan to help reduce the petroleum price on the market.