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Business News Thu, 10 Mar 2022

Fuel price hikes: Remove taxes on petroleum products – Minority to government

The Minority in Parliament is demanding the immediate removal of three taxes on petroleum products to mitigate the impact of rising prices of crude oil on the international market.

The demand by the minority comes as consumers are currently buying Petrol and Diesel above 8 cedis from the pumps.

The development has led to a 15 percent hike in transport fares. In an engagement with the media MP for Bongo and a minority member of the mines and energy Committee Edward Bawa argued everything will come crumbling if the government fails to take immediate steps to remove taxes such as Energy Sector Levy, Sanitation and Pollution Levy, and the Special Petroleum Levy.

Bawa further tasked the Bank of Ghana to take immense steps to arrest the depreciation of the cedi which he argued is compounding the problem.

He warned fuel prices might hit nine cedis in the next window if the government fails to hear the plight of consumers.

“The government has no control over the international market but the government has control of the taxes…there are a number of taxes that are put on it. You have the special petroleum tax, energy sector recovery levy, road fund levy, sanitation pollution levy, energy debt recovery levy, all those things are put between the ex-refinery and the ex-depot…these are things imposed by the government.”
Source: starrfm.com.gh
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