The Ghana National Petroleum Authority has announced the removal of the country’s fuel subsidy.
The removal of the subsidy is part of the country’s regulatory actions to ensure downstream sector stability.
Abdul Hamid, NPA’s Chief Executive Officer, said this during a presentation at the ongoing Africa Refiners and Distributors Week 2023 in Cape Town, South Africa.
According to Hamid, the Ghanaian government, through the NPA, has also removed energy subsidies.
“We removed 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 powered by private-sector investments, with no supply complaints.
“By removing energy subsidies, we are ensuring affordability and security for disadvantaged customers,” he stated, speaking about more NPA measures.
He stated that the plans were put in place in response to global oil and gas market volatility caused by the Russian-Ukraine war and energy transition policies.
“We have placed fuel caps for the first time in 30 years as a measure to intervene and control market instability,” he said.
The NPA, according to Hamid, has also established a special fund to help refineries in boosting their capacity to 50 barrels of oil in order to satisfy the country’s growing demand.
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