Fuel Prices to Drop as Government Absorbs GH¢2 Per Litre on Diesel, GH¢0.36 Per Litre on Petrol
- Government steps in to ease fuel costs with a GH¢2 reduction on diesel and a GH¢0.36 reduction on petrol
- These temporary measures kick in on April 16, 2025, promising some relief amidst rising global fuel prices
- The finance and energy ministers were tasked to remove taxes on petroleum products by this week
The government has announced temporary measures aimed at cushioning consumers against rising fuel prices.
Following increased volatility on the international petroleum market, the government will be absorbing GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol.
Source: Facebook
These measures will be effective April 16, which is the start of the next pricing window, according to a statement from the government.
Fuel prices have seen a spike because of the disruption to the crude oil supply chain brought on by the Iran war.
Of particular impact has been the closure of the Strait of Hormuz to most sea traffic, a critical global oil shipping route.
Effect of Iran war on fuel supply
Iran has effectively stopped tankers from using the Strait of Hormuz, the shipping lane between the Persian Gulf and the Gulf of Oman.
Attacks on merchant ships near the strait have killed at least seven sailors, according to the International Maritime Organisation.
Source: Original
AP reported that US President Donald Trump also assured threatened intensified action on Iran if the country made any “attempt to stop the globe’s oil supply.”
After the recent ceasefire in the war, benchmark Brent and WTI contracts dropped by 13% and 16% respectively to below $100 a barrel, as investors bet on the reopening of the Strait of Hormuz and a reduced geopolitical risk premium.
Source: YEN.com.gh
