Government says it is prepared to take steps to shield consumers from potential fuel price increases as rising global oil prices, driven by geopolitical tensions, begin to pose risks to domestic stability.
Speaking at a Presidential Dialogue with Civil Society Organisations, President John Dramani Mahama said fuel prices had remained relatively stable in recent times, allowing the country to enjoy some of the lowest prices in years, but warned that external shocks—particularly the ongoing US/Israel-Iran conflict—could disrupt that trend.
“Things were sailing quite smoothly… And indeed, we’re beginning to enjoy some of the lowest fuel prices in a long time,” he said.
He noted that while the local currency had remained stable, the recent surge in fuel prices was being driven by global crude oil markets rather than domestic factors.
“Unfortunately… while the cedi remains stable… the push factor is coming from the price of crude oil and finished products,” the President explained.
Mahama added that government had so far managed to absorb the impact but could take decisive measures if the situation worsens.
“Some of the weapons we have is to look at the margins to try and cushion consumers, and then also look at the recently imposed one cedi development levy to try and cushion consumers,” he said.
He stressed that fuel prices have a direct impact on transport costs and inflation, particularly in the food sector, making it a key area of concern for government.
Government officials are therefore considering targeted interventions, including possible adjustments to fuel marketing margins and the strategic use of levies, to ease pressure on consumers.
President Mahama expressed hope that the geopolitical tensions would ease soon, adding that stability in global oil markets would help maintain steady fuel prices and keep inflation under control.
Source: Starrfm.com.gh
