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“The Gov’t Is Not To Be Blamed For The Increment In Prices”, Dr. Bawumia Explains Why

Vice President Mahamadu Bawumia has told the parliament can’t be carried credible for the new rise in fuel prices.

According to him, the increments were an outcome of upheaval in the petroleum area which has influenced worldwide pricing.

Dr. Bawumia, speaking at the National Energy Transition Dialogue in Accra, explained the worldwide force to reduce fossil fuel usage to attain net-zero emissions is already amassing an effect on the global economy, with allotment for oil research and exploitation shrinking.

We all remember to be aware that this evolution is going to take place over the succeeding 30 years, but the expenses of that growth are being felt today. There is a smaller and small allowance available for oil research and exploitation, and we are observing this in a rise in oil costs globally.”

“We in the developing countries are facing these very high costs of petroleum prices, and that is resulting in many economic impacts such as inflation as prices of goods increase in response to the increase in petroleum prices.”

“There are many who have said that the petroleum price increase is going to remain at the high levels; we are not going to see any major declines. How do we as developing countries like Ghana adjust to this new reality, if it becomes a new normal of high oil prices and its impact on the macro variables in our respective economies?”

Speaking of which, 1 liter of petrol has bridged the GH¢8 cedis fee mark and that has impacted on pricing for goods and services and the repercussions of massive effect on the principle of living.

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