Minority demands Finance Ministry to scrap 3 taxes on petroleum products

Fuel Pump1 2020 File photo a fuel pump

Fri, 11 Mar 2022 Source: www.ghanaweb.com

Fuel prices to hit GH¢9 per litre by end of March

Russian-Ukraine crisis causing hike in global crude prices

New pricing window to open on March 16

Minority in Parliament has demanded that government scraps some three taxes on petroleum products with immediate effect.

These taxes are the Energy Sector Levy, Sanitation, and Pollution Levy, and Special Petroleum Levy.

This according to them will help alleviate the impact of the hike in global crude prices on the international market.

The Minority Caucus also served notice that the finance minister Ken Ofori-Atta will be hauled before Parliament, to present government’s response plan in ending fuel price hikes.

They believe the Finance Ministry has the authority to scrap some of the taxes that contribute to the final ex-pump fuel prices.

Currently, there are about 6 taxes on fuel namely,

Energy Fund levy (1p)

Sanitation and pollution levy (10p)

Price stabilization and recovery levy (16p)

Energy sector levy (20p)

Special petroleum levy(46p),

Road fund levy (48p)

Energy debt recovery levy (59p)

The three levies the Minority want to be scrapped amount to about GH¢46p on each liter.

Meanwhile, Member of the Mines and Energy Committee, Edward Bawa has stated that Ghanaians should brace up for new increments in the next pricing window which begins on March 16.

He stated that should the price hit 9 cedis, “everything will come to a halt.”

He continued saying, “Ukraine may have aggravated the situation, but I am just saying that in that particular case, it is a blessing in disguise. So, while we complain about the prices at the local level, we are also always smiling to the Bank because of the monies we get from selling the product, so it’s a win-win situation in my opinion,” he added.

Source: www.ghanaweb.com
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