It’s ‘crumbs’ – COPEC on GHp16, GHp14 fuel price cut

The Chamber of Petroleum Consumers Ghana (COPEC) is demanding a further reduction of taxes on petroleum products to lessen the burden on Ghanaians.

It comes on the back of President Nana Akufo-Addo’s approval to zero the Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for a period of two months.

A statement issued by the National Petroleum Authority (NPA) today, Monday, 11 October 2021, said the president’s approval “follows the advice of the NPA to the Minister of Energy to seek government’s intervention to mitigate the impact of rising prices of petroleum products on the world market on consumers.”

“Prices of crude oil and refined petroleum products have seen sharp increases on the world market due to a rise in demand for oil globally without a corresponding increase in supply, particularly from the Organisation of Petroleum Exporting Countries (OPEC) and its allies.”

The NPA said: “The purpose of the Price Stabilisation and Recovery Levy (PSRL) is to stabilise prices for consumers and pay for the subsidies on Premix Fuel and Residual Fuel Oil (RFO).”

“At this time, it is important that the PSRL, which is currently sixteen pesewas per litre (GHp16/Lt) on petrol, fourteen pesewas per litre (GHp14/Lt) on diesel, and fourteen pesewas per kilogramme (GHp14/Kg) on LPG, are zeroed to cushion consumers”.

However, Mr Duncan Amoah told Valentina Ofori-Afriyie on 12 Live that the “government should reduce the taxes further”, adding: “You do not throw crumbs at a time when fuel prices have skyrocketed to GHS6.52 and then you throw GHp14, GHp16 in and think that that should be able to take care of the public complaints and anxiety”.

“We are not convinced that this is the best that can be done”.

Source: Class