Cabinet begins discussion on possible fuel subsidies after prices shoot up
After petrol prices reached GHS8.00 per litre, Deputy Minister of Energy Andrew Egyapa Mercer stated that Cabinet has began discussions on prospective fuel subsidies.
According to Andrew Egyapa Mercer, the subsidies may be costly to taxpayers, but it will benefit consumers.
He stated that a recommendation from NPA and the Ministry has been submitted through the Minister of Finance for consideration. Prime News reported
"So if that decision is taken that government has to subsidize fuel, we all have to know that issues being resolved prices coming down and whatever amount that government will have expended will still have to be paid by all of us so we need to have a conversation to see where we all can get some equilibrium that gives us all comfort. But there is a price for whatever decision."
Fuel prices continue to rise at some stations, surpassing GHS 8 per litre in the first week of March 2022.
This is predicted to have a knock-on impact on other Oil Marketing Companies, causing them to raise their pricing as well.
Fuel prices averaged GHS6.4 per litre only two weeks earlier, after the National Petroleum Authority reintroduced the Price Stabilisation and Recovery Levy (PSRL).
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), said he had expected the increase to be considerably larger.
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