Politics

Fuel levies to be suspended soon – Energy Ministry

The Energy Ministry says it is planning to suspend levies on fuel products.

According to the sector Minister, Dr Matthew Opoku Prempeh, his outfit is working with the Ministry of Finance to ensure implementation of this decision.

The Minister said this when he received a delegation from the Ghana Energy Awards (GEA).

This comes amid concerns from a cross-section of the public about the impact of rising fuel cost on their pockets.

Last week, an Institute for Energy Security projection indicated that the diesel price is expected to go up marginally from the beginning of October 2021.

However, the price of petrol is expected to remain the same, though some petroleum products, including, Liquefied Petroleum Gas will also go up.

“For the first Pricing-Window of October 2021, the 4.57% increase in the price of the International Benchmark- Brent crude, the 2.07% increase in the price of Gasoline, the 10.28% increase in Gasoil price, the 0.63% depreciation of the local currency against the US dollar; the Institute for Energy Security (IES) projects for the price of gas oil to increase and price of gasoline to remain stable on the domestic market at the various pumps as we enter October,” the IES said.

Meanwhile, some Oil Marketing Companies (OMCs) have started adjusting their fuel prices upwards at the pumps.

In the face of these, the Energy Minister explained that the move is critical in alleviating the plight of consumers in the face of recent hikes in fuel prices.

The GEA delegation comprised Kwame Jantuah, an energy consultant, who is Chairman of the GEA Awarding Panel, Prof. Felix Asante, Pro-Vice-Chancellor in charge of Research, Innovation and Development, University of Ghana; Dr Lawrence Tetteh, economist and renowned evangelist, who are panel members; Henry Teinor, Chief Executive of the Energy Media Group, the event director; Nicholas Frimpong-Manso, MD of GP Business Consulting, co-Organiser of the event, and Patricia Danful and Cornelius Atiase from the Awards Secretariat.

|Myjoyonline

GWO

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