The Ghana National Petroleum Authority has announced the termination of the country’s gasoline subsidy.
The withdrawal of the subsidy is part of the country’s regulatory actions to maintain downstream industry stability.
Abdul Hamid, NPA’s Chief Executive Officer, stated this during a presentation at the current Africa Refiners and Distributors Week 2023 in Cape Town, South Africa.
According to Hamid, the Ghanaian government, through the NPA, has also eliminated energy subsidies.
“We have withdrawn subsidies and deregulated our markets. Industries were closing down because the government was unable to find the funds to give subsidies, and industry is still propelled by private-sector investments, with no supply problems.
Peter Obi, The Labour Party Has Never Opposed The Elimination Of Subsidies
“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
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