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Buying fuel from other sources will help stabilise petroleum prices – Economist

The government’s plan to buy oil from other nations or sources has been applauded by economist Dr. Adu Owusu Sarkodie, who claims that this will assist to manage growing inflation and fuel prices.

The average cost of gasoline has increased to 18 cents per liter, while the average cost of diesel has increased to 23 cents per liter.

Dr. Owusu Sarkodie said in a statement to Joy Business that the government needs to move quickly to ease the burden on Ghanaians.

“The President [Akufo-Addo] touched on so many things. Key among them is the high cost of living, high food and energy prices and the fact that he’s doing something about it. For example he has started negotiations with other sources of oil; other countries or companies that produce oil at a lower price and also to keep the exchange rate stable”.

“I think that would also assist check the price of the fuel since we know that high fuel prices are pushing high prices of things through high transport costs in the country,” he said.

He emphasized that the government’s authority to regulate gasoline prices would stabilize and lower market prices for commodities and certain goods.

Therefore, if we were able to regulate fuel prices, we would also be able to control the pricing of a wide range of other goods and services.

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