The Member of Parliament for Gushegu Constituency in the Northern Region, Mr. Hassan Tampuli, has credited the Gold for Oil (G4O) policy introduced by the previous Nana Akufo-Addo and Dr Mahamudu Bawumia administration for the current stability in petroleum prices.
Speaking during the debate on the 2025 budget statement and economic policy of government in Parliament on Wednesday, the former Chief Executive of the National Petroleum Authority (NPA) argued that the initiative played a crucial role in reducing fuel costs for Ghanaians.
Mr Tampuli who is also a former Deputy Minister for Transport pointed out that before the implementation of the policy in 2022, fuel prices had surged to GH¢23 per litre, placing a significant financial burden on consumers. the Gold for Oil programme, there was a remarkable drop in prices, with petroleum products now retailing between GH¢13 and GH¢14 per litre, depending on the product.
“The Gold for Oil programme has been one of the main reasons why we still have this stability in the price of petroleum products. At some point in 2022, Mr Speaker, prices had gone up to GH¢23 per litre, and by the singular intervention of Gold for Oil, we have seen a remarkable drop in the prices all the way to GH¢13, and currently, we are hovering around GH¢13 and GH¢14, depending on the product you are buying,” he stated.
Mr. Tampuli has therefore urged the current National Democratic Congress (NDC) government to acknowledge the positive impact of the policy and commend the previous administration for implementing a measure that continues to benefit Ghanaians.
