Deputy Minister of Energy, Dr. Mohammed Amin Adam has said that government has little control over the rising prices of fuel in the country.
According to him, the high demand for fuel in the US, particularly in Texas and Florida, following the devastation caused by hurricanes Harvey and Irma, is to blame for the rising cost of fuel in Ghana and other parts of the world.
The energy sector has witnessed its first major shock in decades with prices of petroleum products projected to increase by 14 percent.
Consumers have expressed worry over the unannounced fuel increment which they say is killing their business.
According to the drivers, the unexpected increment which often do not correlate with transport fare is making the transportation business unattractive.
They said the disparities between the cost of fuel and the transport fares could not help them accrue the needed profit or stay afloat.
But speaking on Asempa FM’s Ekosi Sen Wednesday, September 27, 2017, Dr. Amin Adam said apart from the effect of the hurricanes, the international price at which fuel currently sells also has had an impact on the price build-up as well as the foreign exchange rate.
He said the international market component is usually a demand-and-supply function, which is often affected by other geopolitical developments across oil producing countries.