
Audio By Carbonatix
Gabby Otchere Darko, Executive Director of the Danquah Institute, has on Multi TV and Joy Fm's Newsfile backed fuel price increases announced by the National Petroluem Authority yesterday.The National Petroleum Authority (NPA) made an upward adjustment on prices of some petroleum products effective June 1. Both Petrol and diesel will now be selling at GH¢9.50 per gallon.“Its the way to go “, the Executive Director said. Gabby said he has always maintained the position that in matters of petroleum pricing, the market should dictate not politics.He added that government was also open to adopt cross subsidization policies “if it works”.Cross subsidization is the practice of charging higher prices to one group of consumers in order to subsidize lower prices for another group.According to Gabby, allowing the market to dictate the prices allowed ghananians to plan their finances better.He said in view of a growing public understanding of the dynamics of petroleum pricing it was time for government to focus on efficiency in the management of petroleum revenue.Co-panelist Nana Ato Dadzie, a former Chief of Staff referring to the Dr. Limann regime said governments in the past were overthrown for announcing fuel increment.He said because of public outrage, governments in the past usually backed away from adjusting fuel prices until it became inevitable.Eventually, he said, when increments were made it caused serious public trauma. He said the debate about fuel price increases and subsidies was “ten years late”.Kweku Baako, editor-in-chief of the New Crusading Guide newspaper countered. He felt the debate was 30years late. Dr. Limann, president under the third Republic of Ghana would be “ turning in his grave” at the apparent acceptability of fuel price increment, he asserted.He referred to a parliamentary debate on 29th April 1981 where Samuel Odoi-Sykes of the then People's Convention Party (PCP) condemned planned fuel prices increment because it would "push up prices of goods and services and make life unbearable”.The late Peter Ala Adjetey who was the Member of Parliament for Kpeshie and the leader of the United National Convention (UNC) also opposed president Hilla Limann.These condemnations he said cumulatively led to the overthrow of Dr. Hilla Limann. He agreed with co-panelists that there was the need to now focus on efficiency in management of petroleum revenue after we had “gone full circle”.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
A/R: Police bust suspected human trafficking ring, arrest 186 including 100 foreign nationals
45 minutes -
World Cup: Should Ghana have been awarded a penalty against England?
52 minutes -
Deschamps returns to France after death of his mother
1 hour -
Kunal Shah: The Indian entrepreneur taking charge of WhatsApp
1 hour -
Hundreds of schools in UK plan closures ahead of red heat alerts
1 hour -
Spider which uses spring trap to capture prey discovered in Australia
2 hours -
Tech stocks tumble on concerns over AI spending
2 hours -
US top court says Rastafarian man cannot sue prison guards who cut his dreadlocks
2 hours -
Germany rail network comes to complete halt nationwide due to IT malfunction
2 hours -
2026 World Cup: ‘They were very compact’ – Rice salutes Ghana after England stalemate
2 hours -
Google’s YouTube settles social media addiction case with teen
2 hours -
E-commerce giant Alibaba sues US government over defence blacklist
2 hours -
Resolute Ghana earn England stalemate
2 hours -
2026 World Cup: Resolute Black Stars hold England as Ghana edge closer to Round of 32
3 hours -
Taekwon Security commended for outstanding role in Mahama’s UK visit
3 hours