Brace up for more increases in fuel prices – Seth Terkper

2022 budget did not set aside funds for fuel reductions, Seth Terkper

Insulate economy from rising fuel prices

Fuel prices to increase

Former Minister of Finance, Mr. Seth Terkper, says government has exhausted all avenues that can be used to arrest the increments in fuel prices thus consumers must brace up for more increases in fuel.

Mr. Terkper intimated that government did not set aside any funds to be used to subsidize prices of petrol, diesel and liquefied petroleum gas (LPG) among others, in the 2022 budget.

According to him, government has abandoned policies that were meant to cushion the public against hiking prices.

Speaking to the Daily Graphic, he said the lack of cushion by government will have grave effects of rising fuel prices, including increased inflationary pressures and decline in consumption with the potential to weaken economic growth.

He calls on government to as a matter of urgency find a sustainable way to alleviate the effects of the rising fuel prices on the economy and its rippling effects on the livelihood of consumers.

Fuel prices have increased twice this year as experts are projecting further increases before the end of the year.