BY Jennifer Kenny
Government is to reduce fuel prices by suspending some taxes on petroleum products by the next pricing window. The government announced a set of measures aimed at reducing fuel prices and stabilising transport fares following the effects the war in Iran is having on global oil prices and supply concerns. The measures were taken during an emergency cabinet meeting held today, Thursday, April 9, 2026.
According to Minister of State in charge of Government Communication, Felix Kwakye Ofosu, the Finance and Energy Ministers have been instructed to take immediate steps to reduce fuel prices by adjusting certain taxes and margins. The changes are expected to take effect by the next pricing window, which begins in about a week.
“We are taking immediate steps to reduce fuel prices and ease transport costs for Ghanaians,” he said.
Mr. Kwakye Ofosu added that, the intervention is necessary despite a relatively stable economic environment. He noted, that fuel pricing has been influenced by event in the Strait of Hormuz which is affecting the quantity of oil on the world market and the war affecting international shipping insurance on oil transportation. He stressed that the move is part of broader efforts to prevent further increases in transport fares.
He explained that the reduction or removal of selected taxes and margins on fuel is expected to bring some relief at the pumps and ease pressure on consumers.
“The adjustment of these taxes and margins should lead to a reduction in fuel prices effective the next pricing window,” he added.
As part of measures to cushion commuters, the Transport Minister has also been directed to fast-track the deployment of the one hundred Metro Mass buses which have been imported. The move is expected to increase access to affordable public transport, particularly in high-traffic areas.
Currently, 100 buses have been shipped in, with an additional 100 expected to arrive in August and another batch of 100 in November, bringing the total to 300 buses.
“These buses are to be deployed in high-traffic corridors to ensure that transport fares remain lower than what is currently being charged by private operators,” he said.
In addition, the President used the cabinet meeting to reiterate his directive banning fuel allowances and allocations for all Ministers and senior government officials. The measure, according to the spokesperson, is intended to demonstrate leadership and reduce government expenditure.
The intervention on fuel pricing is expected to last for at least four weeks from the next pricing window, after which it will be reviewed to determine whether further action is needed.
“After four weeks, the situation will be reviewed and appropriate decisions taken based on prevailing conditions,” he stated
