The Ministers for Finance and Energy have been ordered by Cabinet to immediately remove several taxes and regulatory margins on petroleum products.
This intervention is aimed at triggering a significant reduction in ex-pump prices.
According to the Minister of State for Government Communications, Felix Kwakye Ofosu, the decision follows recent increases in fuel prices driven largely by geopolitical tensions in the Middle East, particularly the conflict involving the United States, Iran, and Israel, which has disrupted global oil supply chains.
These tax holidays will remain in effect for an initial four-week period as the administration monitors the volatile international energy market.
“These increases, if not checked, could spill over into transport fares and the prices of other goods and services, ultimately affecting the cost of living,” he said.
Kwakye Ofosu added that the cabinet has instructed the ministers to roll out the directives immediately.
“The first directive that cabinet has issued is that the finance and energy ministers should take immediate steps to reduce the price of fuel through the removal of some taxes and margins on fuel, effective the next pricing window, which is about a week from today. And this is supposed to be done as soon as possible,” he said.
This directive is meant to take effect in the next pricing window.
Source: Starrfm.com.gh
