Government Beats Retreat On Fuel Price Increment
The government of President Nana Addo Dankwa Akufo-Addo has beat retreat of its earlier announcement of the increment in the prices of petroleum products in the country.
Freeman Koryekpor Awlesu Greater 
The government of President Nana Addo Dankwa Akufo-Addo has beat retreat of its earlier announcement of the increment in the prices of petroleum products in the country.
Today, the government announced a reduction in the margin for petroleum price-build up by a total of 15 pesewas per liter effective April 1, 2022.
The move, according to the Finance Minister, Ken Ofori-Atta is expected to mitigate the impact of rising petroleum prices at the pump covering three months.
Speaking at a press briefing in Accra on Thursday, March 24, 2022, the minister said, “To mitigate the rising price of petroleum products at the pumps for the next three months, the government has decided to reduce margins in petroleum price build-up by a total of 15 pesewas per liter with effect from 1st of April,” he said.
“BOST margin reduced by 2 pesewas per liter, unified petroleum pricing fund margin reduced by 9 pesewas per liter, fuel markin margin reduced by 1 pesewa per liter, primary distribution margin reduced by 3 pesewas per liter. These are expected to reduce the price of petrol by 1.6 percent and diesel by 1.4 percent. We anticipate the measures taken to stabilize the currency will help further stabilize the prices at the pumps,” Ken Ofori-Atta added.
The Finance Minister added that the National Petroleum Authority and the Ministry of Energy are in discussions with various Oil Marketing Companies (OMCS) in the country “to reduce their margins in the spirit of burden-sharing”.
Meanwhile, prices of petrol at various pumps are selling above GH¢9 while diesel is currently selling between GH¢10 and GH¢11 per liter across the country.
During the press conference, Mr. Ofori-Atta is announced several measures aimed at addressing Ghana’s current economic challenges.
The move comes after the government held a crunch Cabinet meeting at the Peduase Lodge last weekend.
Some key measures set to be announced by the finance minister will entail pay cuts, the government’s flagship programs, interventions to mitigate the cedi’s depreciation among others.
In addition to the address, Mr. Ofori-Atta provided an update on the government's decision on the controversial Electronic Transaction Levy which has received widespread backlash from citizens and lawmakers.
Meanwhile, the government plans to inject US$2 billion into the economy to shore up the strength of the cedi against major trading currencies.
