Nigeria to Remove Fuel Subsidy in June, 2023.
The Ghana Petroleum Authority (NPA) has announced that it has ended subsidies for petrol in the country. The subsidy removal is part of Ghana’s implemented regulatory steps to ensure stability across its downstream sector.
Ghana’s Chief Executive Officer for NPA, Abdul Hamid, disclosed the information in South Africa at the ongoing Africa Refiners and Distributors week 2023.
Hamid said:
“We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies. To this day, the industry is being powered by investments in the private sector, and there are no complaints about supply.
“We are ensuring affordability and security for the vulnerable consumers through the removal of energy subsidies,” he said while speaking on more reforms implemented in the NPA. “For the first time in 30 years, we have installed fuel caps to intervene and control market instability,” he disclosed.
Punch reports that the NPA has also created a special fund to help refineries boost their capacities to 50 barrels of oil to meet Ghana’s growing energy demand.
Nigerian has set a June date for the removal of the petrol subsidy. The development comes as Nigeria’s Minister of Finance, Budget, and National Planning blamed the petrol subsidy for Nigeria’s massive budget deficit, stating that the country needs to end subsidies as soon as possible.
