The Ministries of Energy and Finance have held high-level consultations to suspend selected fuel taxes and margins.
The discussions, led by the Minister of Energy and Green Transition, John Jinapor in collaboration with the Ministry of Finance, brought together key stakeholders from the downstream petroleum sector.
The engagement follows a directive from Cabinet to implement measures that will deliver tangible relief at the pumps in the next fuel pricing window.
The proposed suspension of specific taxes and margins will directly lower ex-pump fuel prices and offer immediate respite to consumers grappling with the rising cost of living.
Industry players, including bulk importers, oil marketing companies and regulators, are actively contributing to the framework expected to guide the intervention.
The Minister of State in charge of Government Communications, Felix Kwakye Ofosu, who announced the directives at a press briefing after the Cabinet meeting added that the intervention will be implemented for an initial period of four weeks, after which it will be reviewed and further decisions taken based on prevailing conditions.
As part of broader efforts to ease the burden on commuters, the Minister for Transport has also been instructed to expedite the deployment of some 100 Metro Mass Transit buses. The President further directed that fares on these buses be reduced to provide affordable transport options for the public.
Additionally, President Mahama reminded ministers and senior government appointees to strictly adhere to the existing ban on fuel allowances, as part of efforts to reduce public expenditure during the period.
The surge in fuel prices has been attributed largely to the closure of the Strait of Hormuz, a critical global oil shipping route, which has disrupted supply and driven up international petroleum prices.
But the measures form part of a coordinated government response aimed at mitigating the impact of rising fuel costs on households and businesses across the country.
