President John Dramani Mahama, has ordered a temporary reduction in fuel-related taxes and levies after an emergency cabinet meeting, as the government moves to shield consumers from surging global oil prices tied to escalating geopolitical tensions.

The directive, issued Thursday following Mr. Mahama’s return from an official visit to France, comes amid disruptions to global petroleum supply linked to tensions involving Iran, Israel and the United States. The situation has been exacerbated by the closure of the Strait of Hormuz, a key transit corridor for global crude shipments.

Under the plan, Finance Minister Cassiel Ato Forson and Energy Minister John Jinapor have been tasked with engaging industry stakeholders to identify taxes that could be suspended in the next pricing window. The measures are expected to remain in place for an initial four-week period, after which authorities will reassess market conditions.

In a parallel effort to mitigate the impact on commuters, the government will accelerate the rollout of 100 additional public buses through the state-run Metro Mass Transit system, with reduced fares aimed at easing transportation costs.

Mr. Mahama also reiterated a directive requiring ministers and senior officials to comply with an existing ban on fuel allowances, part of a broader push to curb public spending.

The measures underscore the government’s effort to contain inflationary pressures and limit the economic fallout from rising fuel costs on households and businesses.

Source:TheDotNews