BREAKING: FG Removes Fuel Subsidy

FG has removed the Fuel Subsidy.

 

NewsOnline reports that the Ghana National Petroleum Authority (NPA) has said that the country has implemented regulatory measures, including the removal of fuel subsidy, to ensure stability across its downstream sector.

 

This online newspaper learnt that the removal of fuel subsidy is part of the country’s implemented regulatory measures to ensure stability across its downstream sector

 

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This was disclosed by the Chief Executive Officer of NPA, Abdul Hamid during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa.

 

Abdul Hamid said: “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 further stated: “For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability.”

 

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.