The Cabinet authorised the Ministers of Finance and Energy to immediately abolish some gasoline taxes and margins in order to cut pump prices beginning with the next pricing window, which will be in around one week.
Following global supply interruptions connected to tensions involving Iran, Israel, and the United States, President John Dramani Mahama has instructed key ministers to take immediate action to protect Ghanaians from the impact of rising petroleum prices.
Following the President’s return from an official trip to France, the decisions were made at an urgent Cabinet meeting on Thursday, April 9.
The closing of the Strait of Hormuz, a vital worldwide oil shipping route, has caused supply disruptions and increased international petroleum prices, which is partly responsible for the spike in fuel costs.
In response, the President has assigned John Jinapor, the Minister of Energy, and Dr. Cassiel Ato Forson, the Minister of Finance, to work with energy industry stakeholders to investigate the elimination of certain taxes and levies on petroleum products.
The next price window is anticipated to see the implementation of the proposed modifications.
The regulation states that the intervention will be carried out for the first four weeks, after which it will be evaluated and additional choices will be made in light of the current circumstances.
The Minister for Transport has also been directed to accelerate the deployment of about 100 Metro Mass Transit buses as part of larger initiatives to lessen the load on commuters.
In order to give the public more inexpensive transport options, the President also ordered that the fares on these buses be lowered.
In an effort to cut public spending during this time, President Mahama also advised ministries and high-ranking government officials to rigorously abide by the current fuel allowance prohibition.
The actions are a part of a concerted government approach to lessen the effects of growing fuel prices on homes and companies nationwide.
Source: newsthemegh.com