The Akufo-Addo government has beaten a hasty retreat with its decision to increase fuel prices after a tide of disenchantment arose from the public.
A placating gesture has seen the National Petroleum Authority (NPA) announce it has rescinded its decision to increase fuel margins of up to 17 pesewas per litre.
In a communique dated May 4, NPA revealed that the prices of fuel per litre would be reduced by 9 pesewas starting from Wednesday, May 5.
“The 17 pesewas per litre increase in fuel margins previously announced by the NPA has been reduced to 9 pesewas per litre effective tomorrow Wednesday 5th may 2021.”
According to the communique, the decision was taken after the NPA had met with stakeholders including the Association of Oil Marketing Companies (AOMCs), Bulk Oil Storage and Transport Company (BOST), the Chamber of Petroleum Consumers (COPEC) and the Institute of Energy Policies and Research (INSTEPR).
The announcement came even as OMCs were adjusting fuel prices at the various filling stations to reflect the new adjustments announced by the government.
However, the price increment was too much for Ghanaians who are already suffering austerity as a result of the exigencies of the COVID-19 pandemic, high taxes, high exchange rate and the return of another spell of power outages known as ‘dumsor.’
A clamor against the government quickly built, forcing the Akufo-Addo administration to beat the hasty retreat.