Audio By Carbonatix
Bulk distributors of petroleum products have described the total removal of subsidies on petrol, diesel and LPG as timely. They believe the move would ensure constant supply of the product and also save their business.
The National Petroleum Authority last Friday announced a 3% hike in prices of Petrol and LPG, and a 2% increase on diesel. This has resulted in the complete removal of government subsidies on these products.
The Distributors have had challenges in securing credits to import the products, because of government's inability to honour monies owed them on time due to the subsidy.
National Petroleum Authority (NPA) Chief Executive, Alex Mould said the policy would be reviewed after two weeks and any fluctuations in international crude oil prices would be passed on to the consumer.
But the Coordinator of the Bulk Distributors, Senyo Hosi, told Joy Business this challenge would be a thing of the past following the removal of the subsidies.
However,financial analyst, Sydney Casely Hayford, says although the increases are justified, government should have given prior notice to consumers
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