Energy analyst, Richmond Rockson, has called for the removal of the special petroleum tax saying that will bring about 15 percent reduction in fuel prices.
His comments come in the wake of reports from various fuel stations suggesting an increase in the prices of petroleum products on the market.
The increment, according to the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah is as a result of the increase in the price of petroleum products on the world market as well as the strength of the cedi against other currencies and also the taxes placed on petroleum products.
Commenting on the development on Morning Starr Wednesday, Rockson disclosed that fuel prices from December 2016 till date had gone up averagely at about 22percent stating: “In the budget…we expected some levels of changes when it comes to the price build-up.
“Unfortunately, we didn’t see that as well. In 2017, what government sought to do by reviewing downwards and by abolishing the excise duty did not bring the effect we all expected.”
Calling for the removal of the Special Petroleum Tax, Rockson argued if that alone is taken out – “which is 15percent on the current figures that we have which is GHS4.4, you are going to be getting around GHS3.8 per litter.”
“One tax is going to reduce fuel prices by 0.67percent which is 15percent. We haven’t had any reduction in fuel prices close this margin this year, or even last year,” he added.
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Source: www.reportingoilandgas.org
