The Minority in Parliament is requesting that the government spend some of the over GH8 billion in petroleum product earnings to protect people from the recent price increases.
The Minority claims that in contrast to its GH6 billion annual prediction, the government had already earned almost GH8 billion from petroleum resources in less than 3 months.
Speaking to reporters on November 2, 2022, Parliament's Ranking Member on the Mines and Energy Committee, John Jinapor, pleaded with the government to take action to stop the rise in gasoline prices, which he laments has increased by more than 300 percent in less than a year.
The government has earned more than GH8 billion from our petroleum resources in less than three months. Since the government has already received more in three months than it anticipated for the entire year, its earnings are out of the ordinary. In fact, the government predicted that it would receive GH269 million from the Price Stabilization and Recovery Levy in the first two quarters, but according to the Ministry of Finance's own records, it has already received GH800 million. Therefore, it is a myth that the government is losing money.
"Given how much money the government is generating from our petroleum resources, I urge President Akufo-Addo and the departing Minister of Finance to take action to stop the price increase. They need to stand up, think creatively, and use these excessive revenues to help the common Ghanaians.
Mr. Jinapor claimed that the economic problem is getting worse by the day because he frequently receives calls from people asking for different types of help in order to survive.
"I receive calls from members of the Constituency every day from people who cannot even afford one square meal a day, people who cannot even send their children to school due to the exorbitant fuel prices which are having a cascading effect on food prices, and general cost of living," the member said.
We believe that the government can take action to address the increase in petrol prices. The government must take notice, act, and provide relief for regular Ghanaians.
The most recent prices shown at the gas stations by TotalEnergies indicate that the price of diesel increased to GH23.49 per litre two on Tuesday.
Kerosene costs GH14.70 per liter and gasoline costs GH17.99 per liter in Ghana.