Parliament on 1996 Budget

Parliament sat through the night till the early hours of Saturday Feb. 3 to pass the Custom and excise Petroleum Tax and Petroleum related levies Amendment Act of 1996 Bill giving legal backing to proposals raised in this years budget presented by the Minister of Finance, Mr. Kwame Peprah. The House reviewed downwards the price of petrol from 24 percent as proposed in the budget statement to 19 percent.

The price of a litre of premium petrol is now 621 cedis 50 pesewas. This puts a gallon of premium petrol at two thousand 796 cedis. Kerosene is now sold at 397 cedis per litre or one thousand 786 cedis a gallon. Liquefied petroleum gas which sells at 275 cedis 86 pesewas per litre will now sell at 344 cedis. In the case of kerosene, it is being bought at last years tax except for exchange rate variation which would alter the price slightly. Gas oil now sells at 567 cedis a litre or two thousand 551 cedis 50 pesewas. Residual fuel oil now sells at 200 cedis 52 pesewas a litre or 902 cedis 34 pesewas.

Six bills were laid before the House by the Minister of Finance after the budget statement and it was only Customs and Excise (Petroleum taxes and Petroleum rated (Amendment) Bill which was passed under a certificate of urgency. The other Bills were Excise and Preventive Service (Management) Amendment Bill, Customs and a Excise (Duties and other Taxes Bill and Income Tax (Amendment) Bill These bills will be considered next Tuesday.