PRESIDENT John Dramani Mahama has directed that the regulatory margin on diesel be reduced by GH¢2 per litre.
Effective today, the reduction is expected to remain in force for a month, unless otherwise reviewed by Government.
The reduction, according to a statement signed by the Minister for Government Communications, Felix Kwakye Ofosu, is in line with the decision by Cabinet and the successful intervention implemented in April.
“The temporary intervention is intended to cushion consumers, prevent transport fare hikes, contain inflationary pressures, and mitigate the pass-through effect of higher fuel prices on the cost of living,” Mr Ofosu explained.
Government, the statement said, would continue to monitor developments in the international energy market closely and take additional policy measures, where necessary to protect the interest of the Ghanaian people and sustain economic recovery.
The intervention comes on the back of the National Petroleum Authority’s August floor price for the first pricing window and an increase in global brent crude price.
The new floor price saw an increase in petrol to GH¢14.53 per litre (9.4 per cent increase), diesel, GH¢16.97 (18.3 per cent) and LPG, GH¢11.06 per kilogram (8.5 per cent).
BY TIMES REPORTER
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