Ghana plans to reduce fuel taxes and levies in response to rising pump prices due to the conflict in Iran
The government of Ghana will eliminate certain fuel taxes and charges imposed by distributors and retailers along the supply chain to alleviate the burden on consumers facing increasing pump prices due to the conflict in the Middle East, announced spokesperson Felix Kwakye Ofosu on Thursday.
The measures are scheduled to be implemented within a week; however, the exact levies that will be eliminated will be confirmed following stakeholder consultations in the days ahead, he stated.
Ghana imports approximately 70% of its refined fuel and is one of several African nations affected by significant increases in pump prices, as the U.S.-Israeli conflict with Iran has caused a surge in global oil prices.
The National Petroleum Authority has increased the mandatory minimum price floors for the pricing window from April 1 to 15, resulting in a rise of approximately 15% in petrol prices to 13.30 cedis ($1.21) per liter (0.26 U.S. gallon) and a roughly 19% increase in diesel prices to 17.10 cedis ($1.55).
Discussions between the government and stakeholders are scheduled to occur prior to the upcoming pricing window in about one week.
“We know the precise figure.” Kwakye stated that it would be significant, noting that the suspension would initially last four weeks, after which the government would assess the situation.
He informed reporters that the increases observed during the last pricing window were exclusively due to the Iran conflict.
The transport minister has been directed to expedite the rollout of newly acquired Metro Mass buses along busy corridors, with fares positioned below those of private operators, to alleviate the strain on commuters.
