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Petroleum Consumers Want Tax Reduced   
 
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14-Oct-2016  
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Petroleum consumers have called on government to, as a matter of urgency, reduce tax levels in the sector to absorb the fast rising increase in prices of crude oil and products on the world market and further forestall imminent increases in pump prices.

In a recent statement issued in Accra and signed by Duncan Amoah, Executive Secretary, the Chamber of Petroleum Consumers Ghana (COPEC-GH) also said that the “price stabilization margin charge on petroleum products also need to be reviewed to be sensitive and respond to the changing trends in prices.”

The chamber averred: “It is worth reminding government that it set for revenue purposes in the 2016 budget export prices of $53/barrel, which at the end of last year, was hovering around $43/barrel that necessitated the introduction and passing of the Energy 2015 energy sector levies Act, leading to an increase in fuel prices by up to 27 percent.”

It however lauded the decision of government to reduce the price of marine gas oil by at least 20 percent.

According to COPEC-GH, the 20 percent reduction in the price of marine gas and an earlier decision in June this year by government to reduce the cost of aviation fuel by 25 percent are in the right direction.

It said “the reduction gives Ghanaians and for that the chamber of petroleum consumers the confidence, an indication of government possibly adjusting downwards in the same vein as the tax levels on petrol and diesel to cushion both private and commercial road users.”

The chamber further emphasized the need for the National Petroleum Authority (NPA) to shelve the recent announcement on sulphur levels in diesel to one unified acceptable and safer standard instead of the announced 500ppm and 10ppm disparity for the same market.

It also asked government to make the necessary investments in the Tema Oil Refinery (TOR) for the import of sulphur products into the country.
 
 
Source: Daily Guide
 
 

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