Fuel price drop has nothing to do with gold for oil policy – ACEP

The African Center for Energy Policy (ACEP) has insisted that the recent drop in fuel prices is due to a global drop in crude oil prices.

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According to ACEP, the drop cannot be attributed to the government’s Gold for Oil policy.

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Mahamudu Bawumia alluded to the fact that the Gold for Oil policy has resulted in significant price reductions at the pump, much to the relief of motorists.

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“If you are really analysing how the pricing mechanics work, you would note that it has nothing to do with gold for oil policy.

Indications are that, it is even going to drop further.”

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The Ranking Member of Parliament’s Mines and Energy Committee, John Jinapor has also refuted the Vice President’s claim that the Gold for Oil Policy is to blame for the recent drop in fuel prices.

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Mahamudu Bawumia announced on Wednesday that consumers of petroleum products can expect further reductions in fuel prices at the pump as a result of the implementation of the Gold for Oil Policy.