Energy Ministry mulls suspension of levies on fuel products
The Ministry of Energy is said to be considering a move to suspend levies on the sale of refined petroleum products in the country.
The move by the Energy Ministry comes on the back of concerns raised by the public with regards to the continuous rising prices of fuel products at the pumps and its impact on the cost of living of Ghanaians.
Making the assertion after receiving a delegation from the Ghana Energy Awards (GEA), Minister for Energy, Dr Matthew Opoku Prempeh averred the Ministry is working closely with the Finance Ministry to ensure the implementation of the suspension of fuel levies.
The Minister asserts the move is critical in alleviating the plight of consumers in the face of recent hikes in fuel prices.
According to energy think tank, the Institute for Energy Security (IES), fuel prices is expected to trend upwards with the price of diesel expected to marginally go up in the first pricing window of the month of October.
The price of petrol is however, expected to remain the same within the first pricing window.
“For the first Pricing-Window of October 2021, the 4.57% increase in the price of the International Benchmark- Brent crude, the 2.07% increase in the price of Gasoline, the 10.28% increase in Gasoil price, the 0.63% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects for the price of gas oil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October,” the IES said.
The GEA delegation that met with the Energy Minister comprised Kwame Jantuah, an energy consultant, who is Chairman of the GEA Awarding Panel, Prof. Felix Asante, Pro-Vice-Chancellor in charge of Research, Innovation and Development, University of Ghana; Dr Lawrence Tetteh, economist and renowned evangelist, who are panel members; Henry Teinor, Chief Executive of the Energy Media Group, the event director; Nicholas Frimpong-Manso, MD of GP Business Consulting, co-Organiser of the event, and Patricia Danful and Cornelius Atiase from the Awards Secretariat.
