The National Petroleum Authority has lauded government’s initiative of subsidizing prices of petroleum products in the country since January. The Chief Executive of the National Petroleum Authority (NPA) said Ghanaians should have been paying about 35 per cent more on petroleum products than they are paying currently if it had not been for government subsidy. Speaking in an interview with Adom Business News, Mr. Alex Mould said it is up to the government to decide whether or not to continue absorbing the full price of the subsidy which is close to 60 million dollars. He said there is the likelihood that consumers would pay 35 per cent more for petroleum products in August because government’s agreement to hedge one million barrels of crude oil when the commodity’s world price was at 92 dollars would elapse in July this year. “If government is not able to continue subsidizing, then it would be passed onto the consumers,” he stated. He said due to the hike in the world prices of crude, which has now reached 125 dollars per barrel, the NPA must increase petrol prices at all cost in order to safeguard the interest of the petroleum industry. Mr. Mould said though Ghana is now an oil producing country, it does not mean petrol prices should not be increased if it becomes necessary to do so. He however urged the public to have confidence in the government since it is capable of managing the situation. “I can assure the public that the government took a bold and a right decision to enter into a hedge programme when prices were 82 dollars per barrel, and this is what we have been benefiting from since January. It’s laudable to allow government to continue to do what they are doing. I believe the right decisions will be made,” he said. Story: Afia Akyere/Adom Business News/Ghana