Cabinet has begun discussion on a possible subsidies for petroleum consumers, as the rising cost of fuel prices in the country bite hard at consumers.

According to a Deputy Minister for Energy, Andrew Agyapa Mercer, although it would come as a cost to the tax payer, Cabinet is taking the necessary steps to find relief for Ghanaians.

He told Joy Business that a recommendation from the National Petroleum Authority and the Ministry has been submitted through the Ministry of Finance for consideration.

Petroleum prices have witnessed significant increase this year due to demand pressures on the international market as a result of tensions in Europe and the depreciation of the cedi.

The situation has compelled government to consider some drastic measures to ensure that consumers are not overburdened.

Andrew Agyapa Mercer hinted the recommendations including the suspension of the deregulation policy so government could control petroleum prices.

“It’s unfortunate and we as a government has taken inputs from the NPA as an agent of the ministry to forward to the Ministry of Finance to take a look at, and subsequently submit to cabinet for some direction on what further relieves - if any that government could introduce to cushion Ghanaians."

“The price has gone up beyond the reach of many Ghanaians. So we ought to begin the conversation as to whether we as a nation have to set a ceiling beyond which the deregulation is suspended for government intervention to be introduced. That’s a conversation we should have because whatever subsidy from government will have to be paid for”, he said.

Asked about the timeline for the Cabinet decision, he responded “its an ongoing process that has commenced and being deliberated upon, so NPA will come out with the best decision that will be in the interest of all”.