[ 2016-07-12 ]

Hike in crude prices: Gov’t to consider strategic stock – Terkper
Given that when the price of crude on the
international market goes up or down, domestic
prices are affected, the government of Ghana has
given an indication that it is taking the right
steps to manage hikes in prices of crude on the
international market

Crude oil was at a 13-year record $25 low in
mid-January 2016 and has soared more than 70 per
cent since.

Analysts attributed this to factors such as a
weakened dollar at the time, which raised oil
prices, a drop in US oil inventories and storage
space, disruption in supplies, volatility of the
market, among others.

Ghana’s Minister of Finance, who doubles as
acting Minister for Power, Seth Terkper, speaking
on Accra-based Joy FM Tuesday July 12, said :
“We (Government) are also taking some steps to
make sure that when fuel prices rise, through the
stabilisation levy through parliament we will be
able to manage that better.”

He added: “One of the options we will be
looking at seriously is strategic stocks as the
US, South Africa and other countries do. So you
have got to manage these things well.”

Source - classfmonline.com

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