Fuel price hike careless, inconsiderate – IES

The Institute for Energy Security (IES) says there is no justification for the introduction of new taxes/levies and the increases in existing fuel margins.

“The IES is still of the opinion that the current decision by government to introduce more taxes, leading to the 12.4 percent increase in fuel prices is miscalculated, careless and inconsiderate,” a statement by, IES Research Analyst, Fritz Moses said.

Petroleum consumers are expected to pay more for fuel at the pumps, following the introduction of new taxes.

Three of the new taxes which took effect on Saturday are as a result of the imposition of an Energy Sector Recovery Levy of GHS 20 pesewas per litre on petrol/diesel, 18 pesewas per kg on Liquefied Petroleum Gas (LPG) and a Sanitation and Pollution Levy of GHS10 pesewas per litre of petrol and diesel.

Fuel prices have already risen by some 11% in the last two months and the new taxes could make an additional 5% rise in taxes which will be borne by consumers.

The IES however, in its statement bemoaned that contrary to the NPP government’s promise to stabilize fuel prices, Ghanaians have had to endure the pain of fuel price increases under this government.

“Over the past four (4) years, Gasoil (Diesel) and Gasoline (Petrol) prices, in particular, have increased by roughly 70 percent, owing to cedi depreciation, taxation, and breakdown of state’s supply and price shocks mechanisms.”

“Against the promise to move the country from taxation to production, the poor and ordinary Ghanaian are being taxed, so they could be given a better living condition.

“A listening and caring government may therefore wish to rescind the decision to introduce new taxes/levies while increasing existing ones, in the face of the numerous challenges Ghanaians are going through presently.”

 

 

Source: Kasapafm

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