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Vice Chief executive Mahamadu Bawumia has said the federal government cannot be held responsible for the current increase in fuel prices. Based on him, the increments had been a result of turmoil in the oil sector which has affected worldwide pricing. Dr . Bawumia, talking at the National Energy Changeover Dialogue in Accra, stated the worldwide push to lessen fossil fuel use in purchase to achieve net-zero emissions has already been having an impact on the worldwide economy, with funding designed for oil exploration and exploitation shrinking. “We all need to be aware that this transition will probably take place over the next 3 decades, but the costs of that changeover are being felt today. There is certainly less and less funding available for essential oil exploration and exploitation, and are seeing this within an increase in oil prices internationally. ”“We in the developing nations are facing these quite high costs of petroleum costs, and that is resulting in many financial impacts such as inflation since prices of goods increase in reaction to the increase in petroleum costs. ”“There are many who have stated that the petroleum price raise is going to remain at the higher levels; we are not going to notice any major declines. Just how do we as developing nations like Ghana adjust to this particular new reality, if it turns into a new normal of high essential oil prices and its impact on the particular macro variables in our particular economies? ”Meanwhile, a liters of petrol at the pump motor has crossed the GH¢8 cedis price mark which has affected pricing just for goods and services and the repercussive impact on the standard of living.