The government has announced temporary measures to mitigate rising petroleum prices, pledging to absorb part of the cost of fuel in response to global market volatility.
A statement issued and signed by Spokesperson to the President, Felix Kwakye Ofosu on Wednesday ( April 15), said the intervention will take effect from April 16, which marks the next pricing window.
Under the arrangement, government will absorb GHC2.00 per litre on diesel and GHC0.36 per litre on petrol.
The move, approved by Cabinet, is aimed at easing the financial burden on households, transport operators, and businesses following recent increases in global petroleum prices that have impacted ex-pump prices in Ghana.
The statement indicated that the measure is temporary and will remain in place for one month. During this period, government will monitor developments in the international oil market and assess the need for further policy adjustments.
Government reaffirmed its commitment to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery amid external shocks.
Oil prices fell on Tuesday as hopes of more peace talks between the US and Iran eased concerns about further disruptions to energy supplies.
The price of global benchmark Brent crude was down 3.8% so far in Tuesday trading to $95.54 a barrel, while US traded West Texas Intermediate was down 6.1% to $92.85.
The falls come after oil prices jumped above $100 a barrel on Monday, before falling back, following US President Donald Trump’s order to blockade Iran’s ports after negotiations failed between the two sides at the weekend.
