Energy Minister: Government Is Still Paying Subsidies On Petroleum Products

Minister for Energy and Petroleum, Hon. Emmanuel Armah Kofi-Buah, has disclosed that government has not scraped off subsidies on petroleum products. According to him, government is paying 20, 40 and 60 percent of subsidies on Petrol, Liquified Petroleum Gas (LPG) and Kerosene respectively. The National Petroleum Authority (NPA) on Sunday,February 17, increased the prices of petroleum products. A statement signed by the Chief Executive of the NPA, Alex Mould stated that �the maximum indicative price for a litre of petrol will be GHS 2.0496 (GHS9.22 per gallon) and the maximum indicative prices for a litre of diesel will be GHS2.0683 will (GHS9.31 per gallon).� Per the new prices, petrol will now be sold at GHC 9.22 up from the previous GHC 7, Kerosene is up by 15% and will be selling at 104. 65 pesewas per litre and LPG is also up by 50% and will be selling at 194.85 per litre or GHS24.36 per a 12.5 kg cylinder. The NPA had earlier asked government to remove the subsidies on petroleum products since it is not sustainable due to the current demand on the market. However, speaking to Kwami Sefa-Kayi in an interview on Peace FM�s morning show programme, �kokrokoo�, Hon. Kofi-Buah who also doubles as the Member of Parliament for Ellembelle constituency said government is still paying for subsidies at a cost of GH�22 million, any other week. He has pledged government�s commitment to ensure that the Ghanaian will not be at a disadvantage, adding that the most important thing is for Ghanaians to be told the truth. �There are still subsidies...as at now, petrol has 20% instead of 40% of subsidies, LPG has 60% instead of 100 percent and Kerosene has 15%... Even with this adjustment government will still have to give GH�22million every two weeks; if tomorrow the crude price changes, then it will continue...� he said. He alluded to the fact there is no need to do politicking with increment in fuel prices because it is a problem which has been in existence for decades. "It is very interesting when people take it politically...whether you are NPP or NDC, you know that the issue of petroleum has always been a challenge. But I believe the time has come to really discuss this issue objectively and honestly. "The Energy Sector in the country is not in a crisis,I believe that we have challenges but these challenges are going to be solved�� he added.