Petrol consumption to go up 5% yearly, 49p charged as ESLA levy per litre

Consumption of petrol is projected to increase by 5% annually from 2021 to 2031, the Energy Support Levy Act (ESLA) Plc has forecast in its Supplementary Accounts.

This is based on a projected Gross Domestic Product (GDP) of 7% this year for Ghana.

According to ESLA, demand for the product is mostly influenced by economic activities.

The volume of petrol will also jump from 903.2 million in 2020 litre to 1.54 billion litres in 2031.

Petroleum products to the mines are also projected to grow by 6% in 2020 due to an anticipated increase in the price of gold on the international market, thereby increasing demand for diesel for mining activities.

Meanwhile, 49 pesewas is presently being charged as ESLA levy on every litre of petrol and diesel bought at the pump from this year and above. In 2019, the levy charged was 41 pesewas per lite.

The rates were revised by the Energy Sector Levies (Amendment) Act, 2019 and duly assented in August 2019.

Presently, a gallon of petrol is going for about GHS23, depending on the oil marketing company.

ESLA Plc registered GHS14.9 million earnings in half-year 2019, according to its audited accounts.

Earnings per share for the period was, however, GHS14.92.

ESLA Plc has, since inception, issued bonds worth GHS6.664 billion.

This resulted from the issuances in November 2017 (7-year tranche E1 and 10-year tranche E2), January 2018 (tap of 10-year tranche E2-B), August 2018 (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3), August (tap of 10-year tranche E2-C) and June 2019 (10-year tranche E3).