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The Russia-Ukraine invasion induced unprecedented spike in crude oil and gas prices is troubling many economies. This, coupled with the escalating U.S dollar exchange rate to the local currency (Cedi) threatens petroleum products supply in the country.

Within the past few weeks, prices of fuel at the pumps have consistently rise to hit an all-time high of about GHC8.30 per litre as at last week. Consumers have attributed the spikes to exchange rate escalation and too many taxes. But, NPA believes the discussions with the ministries will focus largely on the possible removal of some taxes on petroleum products.