The Ministry of Energy has admitted that the current persistent increments in fuel prices are a big challenge for them.

“Mr Speaker indeed it has been a challenge, this is a worldwide phenomenon that is happening,” he said.

Deputy Energy Minister William Owuraku Aidoo speaking on the floor of Parliament on Wednesday said even though the increase has been a change they are working assiduously to address it.

He entreated the public to hope that the steps taken by the government to address the increase in petroleum products “will continue to afford us enough supply of petroleum in this country.”

Fuel prices are set to go up by at least 1 cedi this week prompting commercial transport operators to announce there may be an increase in transport fares again.

Reacting to this, Mr Owuraku Aidoo said the situation could have been worse as some countries do not even have enough fuel.

The Ministry further outlined some measures government has taken to slow the impact on consumers.

According to Mr Aidoo, the government in April 1 st 2022, government reduced margins in the petroleum price build up by 15p per litre.”

He added that “to help stabilize the petroleum products government instituted temporary forex cover for foreign imports through the Bank of Ghana.”

Source: MyJoyOnline.com