President Mahama directs suspension of some fuel taxes and margins amid global price surges

President John Mahama has directed the temporary suspension of selected fuel taxes and pricing margins in a bid to reduce pump prices, following an emergency Cabinet meeting convened in response to rising global fuel costs.

The decision, announced by Minister for Government Communications Felix Kwakye Ofosu, mandates the Ministers of Finance and Energy to ensure a reduction in fuel prices in the next pricing window.

According to the directive, the suspension will take effect for four (4) weeks and may be reviewed depending on developments in the Middle East conflict and global crude oil price movements.

Cabinet further indicated that details of the specific taxes and margins to be suspended will be communicated during the next pricing window.

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In addition to the fiscal measures, the Minister for Transport has been tasked to fast-track the deployment of one hundred (100) Metro Mass Transit buses to ease the burden on commuters. The buses are expected to operate on high-traffic routes, with fares set lower than those charged by private transport operators.

Cabinet also reiterated President John Dramani Mahama’s directive requiring all ministers and senior government appointees to strictly comply with the cancellation of fuel allocations and allowances as part of broader cost-control measures.

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The intervention comes at a time when fuel prices in Ghana have come under renewed pressure, driven largely by increases in global crude oil prices linked to tensions in the Middle East. The situation has led to higher transport fares and a corresponding rise in the cost of goods and services, intensifying the burden on households and businesses.

Recent concerns from transport operators and consumers have also heightened calls for government intervention, as fluctuations in petroleum prices continue to impact the broader economy.

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The latest Cabinet decision is expected to provide temporary relief, with authorities closely monitoring global developments to determine the next course of action.