The ‘Gold for Oil’ Programme should be reexamined, as it has not had an impact on petrol pump costs.
Dr. Yussif Sulemana, an energy strategist, claims that because the policy’s primary goal has not been attained, it is time to evaluate the program.
He made these remarks in response to some Oil Marketing Companies quitting the program over unsolved issues.
Dr. Sulemana told Joynews that those who support the policy must take the necessary action.
“The issue is that we are unable to stabilize the cedi, which is what we want to do. At most, it may have reduced the depreciation rate, which is not what we desired.
“We wanted to be able to influence at the pumps by being able to step on and regulate the cedi. However, at this moment, I don’t believe the program has really affected the pumps, he continued.
Dr. Sulemana thinks it is regrettable that the policy hasn’t had the desired impact.
It’s unfair, and the program’s supporters will need to take another look at it, consider the successes, and compare it to what we are basing our strategy on.
Are we willing to disrupt these organizations (OMCs) in order to stabilize the cedi, which we are unable to control with any certainty? he questioned.
“At this time and under those circumstances, I believe the program needs to be reviewed, and if that is not possible, we must just provide ourselves with advice,” he continued.
