Ghana Introduces Fuel Subsidies to Ease Price Pressures

The government of Ghana has announced temporary measures to cushion consumers from rising fuel prices, largely driven by ongoing tensions in the Middle East.

According to government spokesperson Felix Kwakye Ofosu, authorities will subsidize fuel costs by absorbing 2.00 cedis per litre of diesel and 0.36 cedis per litre of petrol. The initiative follows consultations with stakeholders to reduce taxes and charges across the fuel supply chain.

The measures, which took effect on April 16, are expected to remain in place for one month, subject to review based on market conditions. Officials say the policy aims to maintain price stability and support the country’s ongoing economic recovery.

Data from GOIL indicates that petrol is currently priced at around 13.30 cedis per litre, while diesel stands at approximately 17.10 cedis.

Authorities have pledged to closely monitor global energy markets and consider further interventions if necessary, as volatility in oil prices continues to impact domestic economies.

Source: Newstimehub