The minority in parliament has asked government to immediately deploy measures to cushion consumers of petroleum products.
According to the NDC MPs, the government has made supernormal profits from the sale of crude oil due to the Russia-Ukraine war.
Addressing the media in parliament, minority spokesperson on mines and energy John Jinapor disclosed that per figures from the Public Interest and Accountability Committee (PIAC), even though government projected to receive 6 billion in petroleum revenues for 2022, government has made over 8 billion in 3 months as a result of the Russia-Ukraine war.
He added saying “In fact, even the price stabilization and recovery levy, which is supposed to subsidize fuel, government projected that in the first two quarters it will receive 269,000,000 as we speak from the Minister of Finance. On record, government has received about 800 million. And so this notion that government is not making revenue is a fallacy, it’s a complete falsehood.”
Jinapor, therefore, wants government to use part of the revenues to subsidize fuel prices to bring relief to the suffocating Ghanaians.
“I, therefore, call on President Akufo Addo that they should do something about these price increments. They should set up and think outside the box and apply this huge super normal profits to cushion the ordinary Ghanaian.” He continued.
Meanwhile speaking earlier on the floor of parliament, Mr. John Jinapor expressed his discontent with the economic situation of the Ghana National Petroleum Corporation.
According to him, the profit-making capacity and other financial-related issues of this Corporation have been experiencing drastic declines since 2018 till date adding the GNPC is now on the verge of collapsing.
“If you look at the operating profit, which is also your operating profit, expressed as a percentage of sales, It has moved from 28% to -19.23%. And your operating profit is mostly your total sales, less the cost of sales. And so it means that compared to what they sold and what they bought, they have made a loss.” He intimated.
He, therefore, called on the finance minister to as a matter of urgency return any amount of money redrawn from the proceeds of the corporation.
“Minority, therefore, demand that 100 million that has been transcribed by the Finance Minister to Jubilee Holding, as captured in the PIAC report, that money must be paid back into the petroleum holding fund with immediate effect.
The minority also believes that as much as GNPC is gearing off its core duty, the GNPC can be repositioned to become a profit-making entity to give some funds to government to tackle other issues on their table.
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Source: Abigail Baidoo/ATLFMNEWS
