Ghana to cut fuel taxes and levies as Iran conflict drives up pump prices

The measures are set to take effect within a week, ​though the specific levies to be scrapped will only ​be confirmed after stakeholder consultations in the coming ⁠days, he said.

Ghana imports about 70% of its refined fuel ​and is among many African nations hit by steep pump ​price increases as the U.S.-Israeli war on Iran sent global oil prices surging.

The National Petroleum Authority earlier raised mandatory minimum price floors for the April ​1–15 pricing window, pushing petrol prices up around 15% ​to 13.30 cedis ($1.21) per litre (0.26 U.S. gallon) and diesel up roughly 19% ‌to ⁠17.10 cedis ($1.55).

Consultations between the government and stakeholders will take place ahead of the next pricing window in approximately one week.

“We are aware of the exact amount. It will be significant,” Kwakye ​said, adding ​that the suspension ⁠would last an initial four weeks, after which the government would review the situation.

He told ​reporters that the increases seen over the last ​pricing ⁠window were solely attributable to the Iran conflict.

The transport minister has separately been instructed to fast-track the deployment of newly acquired ⁠Metro ​Mass buses along high-traffic corridors, with ​fares set below those charged by private operators, to ease the burden on ​commuters.