The Ranking Member on the Mines and Energy Committee of Parliament K.T Hammond has attributed the current fuel price hikes to Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDC) trying to make astronomical profits.
He nonetheless ruled out the poor performance of the cedi as a factor.
Addressing the media at the back of rumours that the government is to source cheap fuel from Dubai, the Former Deputy Energy Minister urged government to push to determine the price.
According to him, he is completely against removing taxes and other margins on the fuel price buildup.
He stressed that there are serious government efforts underway to ease the pressure in the system.
“It’s the Oil marketing companies, the big ones, the BDCs that I have a problem [with] so they better sort it out. I am sure the Ministry of Finance, the Government, and the Ministry of Energy obviously are looking into this.”
“I am concerned that the Oil Marketing companies are making unnecessary profits, I think we should be careful how they are also playing the market…The [oil] companies must be very careful how things play out,” Mr Hammond said.
Mr Hammond’s comment comes after another increment in fuel prices on Tuesday, with petrol selling at about GH¢18 per litre and diesel retailing at over GH¢23 a litre.
