The Finance Minister, Ken Ofori Atta, declared that petrol and diesel prices would fall by 1.6% and 1.4% respectively beginning April 1, 2022.
According to the minister, the government would lower petroleum product margin price build-up by 15 pesewas.
In his address to the nation, Ofori-Atta said that steps to combat the economic crisis would be adopted in the next three months.
For the next three months, the government has agreed to cut margins in the petroleum price build-up by a total of 15 pesewas per litre, starting April 1.
“We expect the currency strengthening measures to assist stabilize fuel prices,” he said.
Mr. Ofori Atta said that the NPA is in talks with OMCs to cut their margins in the spirit of burden-sharing.
“The government would do everything it can to assure constant gasoline supply and regulate the pace of ex-pump price increase,” Ofori-Atta said.
The Finance Minister also imposed an immediate embargo on imported car purchases for the remainder of the year.
He indicated it would effect all new orders, particularly 4WD.
“The Government has immediately banned the acquisition of any imported car for the remainder of the year. This includes all new orders, notably 4WD. “We will guarantee that the overall impact is a 50% reduction in total vehicle purchases by the public sector,” he stated.
The government will complete ongoing initiatives to eradicate “ghost” personnel from the government payroll by the end of December 2022.
With effect from April 1, 2022, all political appointees and heads of government institutions (including SOEs) would receive a 50% reduction in gasoline coupon allocations.