Fuel prices up 19% as President Mahama calls crisis meeting

President John Dramani Mahama has called an emergency cabinet meeting. The goal is to find ways to handle recent increases in fuel prices.

This comes after significant jumps in pump prices. Data from the National Petroleum Authority shows that petrol prices went up by 15% to GHS13.30 per litre. Diesel prices saw an even larger increase, rising by about 19% to GHS17.10 per litre. These changes are for the April 1–15 pricing period.

The President spoke at the Kwahu Business Forum. He said the government wants to lessen the effect of higher petroleum costs on households and businesses. The price rises are due to problems in global oil markets from tensions in the Middle East.

The cabinet meeting will look at how fuel prices are set in Ghana. This includes examining taxes, levies, and profit margins. The aim is to find areas where the government can offer relief. This must be done without hurting the country's financial health.

Higher fuel prices can lead to other problems. People worry about transport fares going up. This then affects prices of food and the general cost of living. The President thanked transport unions for not raising fares immediately. He called their restraint an important help against more economic pressure.

Comparing past data, fuel price volatility is a recurring challenge for the Ghanaian economy, often linked to global crude oil market movements and exchange rate fluctuations. The current increases reflect a sharp upward trend following a period of relative stability.

The outcome of this meeting will be key for Ghana's economic response to global oil shocks. The government aims to balance helping consumers with keeping the economy stable.