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The General Secretary of the opposition New Patriotic Party says the four per cent hikes in petroleum prices announced Tuesday is nothing more than "symptoms of government's incompetence."
Kwabena Agyepong at a press conference in Accra Tuesday said failure by the government to arrest the jetting fall of the cedi means the populace will be saddled with needless hikes.
"The key parameter is that they cannot control the cedi depreciation. At every turn the cedi loses to the dollar the ex-pump price would have to increase," he said.
As part of the full implementation of price deregulation policy prices of petroleum products have been adjusted by some Oil Marketing Companies.
Apart from Goil all the major companies announced marginal hikes in the petroleum prices.
The announcement has led to chaos at some fuel stations in the country. Some Motorists did not understand why prices would have to be increased again barely a month after similar hikes were implemented.
NPA Chief Executive Officer Moses Asaga said his outfit will ensure that the companies operate within acceptable price margins.
But Kwabena Agyepong insists the hikes are unacceptable.
He told Joy News at the sidelines of the press conference the hikes have been necessitated by galloping fall of the cedi.
The cedi was equivalent to one dollar at the time we left government, he said but now the cedi is equivalent to four dollars.
He said there is the need for a more competent government with a track record of managing the cedi to be elected into office to save the country from the quagmire.
He said at the time crude oil was selling at 147 dollars per barrel, Ghanaians were not buying fuel at this price because the then government was able to manage the cedi well and wondered why the citizens would be made to pay more at a time crude oil is relatively low.
Source: myjoyonline