Business & Finance

50% Fuel Coupon Cut, 30% Salary Cut, 0.15p Fuel Reduction Begin Today

On March 24, 2022, the Minister for Finance, Ken Ofori Atta, announced measures put in place by the government to mitigate economic hardship.

Three of the measures meant to ensure the achievement of the fiscal deficit target of 7.4% of GDP for 2022 take effect today.

Cut In Fuel Coupon

Ken Ofori Atta announced that the government will be cutting fuel coupons allotted to political appointees and heads of government institutions by 50%.

“These times call for very efficient use of energy resources. In line with this, there will be a 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1 st April 2022”, he stated.

SOE Salary Cut

The Finance Minister also indicated that from the beginning of the fourth month of 2022 to the end of the year, thirty per cent (30%) of the salaries of heads of State-Owned Enterprises (SOEs) will be cut and contributed to the Consolidated Fund.

“Cabinet approved that Ministers and the Heads of SOEs contribute 30 per cent of their salaries from April to December 2022 to the Consolidated Fund”, he said.

15ps Reduction In Petroleum Product
For the next three months, the government says it is reducing petrol and diesel prices by 0.15p per litre at the pumps.

“To mitigate the impact of the rising price of petroleum products at the pump, for the next three months, government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1st April”, he said.

The reduction includes a 2 pesewas reduction in BOST margin per litre, 9 pesewas reduction in Unified Petroleum Pricing Fund (UPPF) margin per litre and 1 pesewa reduction in Fuel Marking Margin (FMM) per litre and 3 pesewas reduction in Primary Distribution Margin (PDM) per litre.

Source: Fuseini

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button