Government has given indication that it will soon move to address the hikes in fuel prices which has shot up the general cost of living.
This year has seen series of increase in fuel prices attracting huge public outcry.
A litre of Petrol and Diesel which sold at GHC4.80ps in December 2020 now sells at 6.52ps at most fuel pumps.
This translated into general increase in prices of food and services.
Earlier in the year, the government as part of its revenue mobilisation drive introduced some levies and taxes in the 2021 budget, a move many criticised.
The taxes are the COVID-19 Health Recovery Levy Act, 2021 (Act 1068), Financial Sector Recovery Levy Act, 2021 (Act 1067) and the Energy Sector Levy (Amendment) Act, 2021 (Act 1064).
Such taxes coupled with the constant hike in oil prices on the global market have accounted for the increase in prices at the pumps.
Already, a multinational investment bank and financial services company, Goldman Sachs Group, is projecting global prices may hit $90 a barrel in the near future.
But the Deputy Finance Minister Dr. John Kumah says in line with government’s commitment to reduce the economic hardships on Ghanaians, Cabinet will soon meet to address the issue.
Emmanuel Romeo Tetteh/Ahotoronline.com
