The spokesperson for the Civil Society Organization in the Extractive Industry, Dr. Steve Manteaw says the Gold for Oil policy cannot help reduce the high fuel prices in the country.
It comes after ranking member of the mines and energy committee in parliament, John Jinapor, told Naa Dedei Tettey on the Morning Starr that the Deputy Minister for Energy, Andrew Egyapa Mercer had disclosed on a panel that the first consignment of oil was purchased with the cash from the bank of Ghana.
The Minority in Parliament is calling for the suspension of the programme until full disclosure and consultation with stakeholders are done.
The government has received 40,000 metric tons of fuel as the first consignment of the policy.
Commenting on policy on Morning Starr with Naa Dedei Tettey Thursday Dr. Manteaw stated that the quantity received into the country does not match up to 10% of the country’s monthly consumption.
“First and foremost the government itself projects that our monthly consumption of petroleum products is in the region of 350,000 metric tons. Now I do not understand why the government is so clear about our monthly consumption and yet he chose to bring it to just 40,000 metric tons which is a little bit over 10% of our monthly consumption”, he stated.
The spokesperson further stated that Ghanaians should kill the hope that the petroleum products received under the Gold for Oil can have any effect on the market prices of fuel.
“ I did not anticipate that it will have any meaningful impact on the petroleum pricing. It means that the difference will be supplied through other means. The difference is actually bigger than what the government has brought in and therefore its effect on pricing wouldn’t be anything substantial.
“We won’t feel the impact at all unless the government is ready to bring in the full quantity that we consume on a monthly basis. Then at least we can say that for a particular month we will feel the impact. But if you are under-supplying to the market then of course you are not going to be able to affect the market prices”, he added.
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