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Use strategic stocks to reduce high fuel prices-Terkper

  A former Finance Minister, Seth Terkper, has advised the government to use money accrued from the price stabilisation and recovery levy (PSRL) to build strategic stocks of crude oil and use same to cushion consumers in the event of soaring world market prices of the commodity. While bemoaning the impact of the rising fuel prices on the economy and citizens, Terkper, who introduced the PSRL in 2015, said the situation could have been better if the government had carried through with the building of strategic stocks for rainy days. He told the Graphic Business in an interview yesterday that the levy was introduced as an avenue to procure and store crude oil whenever prices were low and release same into the market whenever the prices rose. He described it as a strategic policy decision by the previous administration to build buffers in the wake of Ghana becoming a lower middle-income country (MIC). Zero-rating Terkper, who was Finance Minister from January 2013 to January 2017, was...