The Institute for Energy Security has called on the government to suspend the Price Stabilisation and Recovery Levy. This call comes as global oil prices continue to climb.
IES believes pausing the levy will help reduce the financial burden on consumers. This move is seen as a way to provide some relief during the current economic climate.
Global crude oil prices have seen a significant increase recently. This directly impacts the cost of fuel in Ghana.
The Price Stabilisation and Recovery Levy is a component added to the price of fuel at the pump.
Suspending the levy would mean that a portion of the current fuel price would be removed for a period.
IES stated that this action is necessary to protect citizens from the full impact of international market fluctuations.
The government has not yet responded to the call for suspension.
Further decisions on the levy will depend on the government's economic assessment and policy response.