Fuel Prices Set to Drop as Government Rolls Out Emergency Measures -

The government has initiated urgent measures to reduce fuel prices, as economic pressures continue to impact households and businesses.

The Ministries of Energy and Finance have held high-level consultations on plans to suspend selected fuel taxes and margins, a move expected to lower ex-pump prices in the next fuel pricing window.

The discussions were led by the Minister for Energy and Green Transition, John Jinapor, in collaboration with the Ministry of Finance, and involved key stakeholders within the downstream petroleum sector.

The consultations follow a directive from Cabinet to implement immediate interventions that will provide tangible relief to consumers.

Industry players, including bulk importers, oil marketing companies and regulators, are contributing to the framework expected to guide the implementation of the policy.

The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, announced after a Cabinet meeting that the intervention will be implemented for an initial period of four weeks, subject to review based on prevailing market conditions.

As part of measures to ease transport costs, the Minister for Transport has been directed to expedite the deployment of 100 Metro Mass Transit buses. Fares on the buses are also expected to be reduced to make transportation more affordable.

President John Dramani Mahama has further directed ministers and senior government officials to comply with the existing ban on fuel allowances as part of efforts to reduce public expenditure.

The recent increase in fuel prices has been attributed largely to global supply disruptions, particularly the closure of the Strait of Hormuz.

The measures form part of a broader government response aimed at mitigating the impact of rising fuel costs on the economy.