Minister Explains Why Govt Cannot Use Part Of Oil Revenue To Subsidise Prices Of Petroleum Products

The Minister of Finance Seth Tekper, says revenue from Ghana's Petroleum Industry will gradually affect prices of petroleum products so that the people will benefit from it. He said there are clear policies on how oil and gas revenue should be spent and that explains why government cannot use part of the revenue to cushion the subsidy on petroleum products. Speaking on GTV's Current Affairs Programme "Talking Point". Mr. Tekper said government has over the last four years been working hard to improve public transport to lessen the burden of the people citing the increase in the member of Metro Mass Transit Buses and work on Rail Transportation as evidence. For his part the Independent Presidential Candidate in the 2012 election, Jacob Osei Yeboa stressed the need for government to educate the public on why the fuel price increases and the modalities. He said if this is done on National Television the Masses will understand and stop the agitations that accompany price hikes. Another panelist Dr. Michael Kpessah Whyte of the Political Science Department of the University of Ghana said the pollution of the environment by vehicles should be catered for when prices are increased suggesting that the way forward is to improve public transportation so that many private car users can join public transport. Sunyani base Legal Practitioner, Dr. Sylvester Ankamah, also said it is not the best for Ghanaians to be paying more for petrol and gas when oil and are produced in the country. He maintained that government sets aside a portion of its profit from oil and gas to subsidise petroleum products.