Business
Ghana moves to remove subsidies on fuel
The price change effective from December 29, will see the cost of Liquefied Petroleum Gas (LPG) increase by 30 percent while petrol and diesel will go up 15 percent at pump.
Mould said the NPA would be monitoring crude oil prices and will not to increase or decrease pump prices if the average crude price stay within the US$107-110 per barrel range.
Brent crude rose 4 cents to US$107.60 a barrel by 0933 GMT on Thursday after falling nearly US$2 the day before, while the Ghana cedi was trading at 1.6370/95 to the U.S. dollar.
Ghana’s Minister for Finance Kwabena Duffour said the removal of subsidies would have a positive impact on Ghana’s economy.
“Subsidising fuel is not sustainable,” Duffour told Reuters. “It is the right thing to do so we can sustain our fiscal consolidation.”
