The Government has revealed that it has little control in the consistent price rise in petroleum products, despite recent measures put in place yielding some results.
The Government recently announced Oil Marketing Companies (OMCs) will be provided forex by the Bank of Ghana as a way of mitigating the effect of the free-falling cedi in price build-up.
Answering questions from MPs, Deputy Energy Minister, Owureku Aidoo disclosed that the Central Bank currently provides 30 percent of forex needed by the OMCs.
He further disclosed that the International Oil Marketing Companies have been given incentives to play the role originally given to BOST to ensure fuel products are readily available in the country.
Mr. Aidoo further insisted that there is very little government can do about the rising prices owing to that the factors are beyond the government’s control.
“The oil importers have to compete for forex in the open market to import petroleum products which they mostly get at very high rates. Since the exchange rate is the major component of the price of petroleum products in Ghana, it’s market behaviour reflects the significant price hikes,” he explained.