Categories: NewsWorld News

Ghana Removes Fuel Subsidy

Ghana has removed the fuel subsidy.

 

Glamtush reports that the Ghana National Petroleum Authority has announced the removal of fuel subsidy in the country.

This online platform understands the removal of the subsidy is part of the country’s implemented regulatory measures to ensure stability across its downstream sector.

The Chief Executive Officer of NPA, Abdul Hamid, said this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa.

Hamid said the Ghanaian government, through the NPA, has also removed energy subsidies.

“We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies and to this day industry is being powered by investments in the private sector and there are no complaints of supply.

“We are ensuring affordability and security for the vulnerable consumers through the removal of energy subsidies,” he said while speaking on more reforms implemented in the NPA.

He disclosed the plans were implemented in response to the global oil and gas market volatility caused by the Russian-Ukraine war and energy transition-related policies.

“For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” he disclosed.

Hamid added that the NPA has also created a special fund to assist refineries in boosting their capacity to 50 barrels of oil in order to meet the country’s growing demand.

GLAMTUSH

Recent Posts

Star Life: Saras & Kumud Teasers November 2024

Star Life's new series, Saras & Kumud teasers November 2024, can be accessed below.  …

7 hours ago

Polaris Bank Clinches “Best Mobile App” Award At Digital Jurist Awards 2024

Polaris Bank clinched the "Best Mobile App" award at the Digital Jurist Awards 2024.  …

8 hours ago

Access Holdings’ Total Assets Grows to ₦41.1 Trillion in Q3

Access Holdings’ total assets grew to ₦41.1 trillion in Q3.   Glamtush reports that Access…

8 hours ago

Nigeria Ranks Fifth Globally In Daily Social Media Usage (FULL LIST)

Nigeria has been ranked fifth globally in daily social media usage.   Glamtush reports that…

9 hours ago

Saras & Kumud Premieres On Star Life (Synopsis, Full Story, Casts)

Saraswatichandra, retitled Saras & Kumud, is Star Life’s upcoming series, which is a shift from…

9 hours ago

Top Summary From Nigerian Newspapers For Monday, November 4th, 2024

The top summary from Nigerian newspapers for Monday, November 4th, 2024, can be accessed on…

9 hours ago