President John Dramani Mahama has proposed that the Ministry of Energy and Petroleum to set up a mitigation fund to control the fluctuations in the prices of petroleum products in the country.
Addressing the brouhaha over petrol prices reduction in the country, President John Mahama held a strong view that the Mitigation Fund will help to check the prices.
He called for the introduction of mitigation levies, which will be accumulated in the fund to lessen the burdens on Ghanaian petrol consumers.
“Let’s put in a mitigation fund so that when the price hikes up in the offing, we can draw from the mitigation fund to show that these are the prices Ghanaians will pay,” he proposed.
Reacting to the increments in petrol prices last year, President Mahama noted that the increments were necessitated to defray the government's debt to Bulk Oil Distribution Companies, to a tune of GHC 470 million.
He commended his government for taking a bold step to increase the prices to cut down the cost from GHC 470 million to GHC 171 million, from last year October to December.
He further supported the recent 10 percent cut on petrol prices by the National Petroleum Authority (NPA), stressing that it is a significant reduction and relief to petrol consumers in the nation.
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