CONSUMERS UNSATISFIED WITH 2.5% REDUCTION ON PETROL TAXES
The Chamber of Petroleum Consumers (COPEC) has expressed dissatisfaction over the rate of reduction of the special petroleum levy. According to the chamber, the reduction is minimal and could have seen a 10 percent reduction instead.
Finance Minister Ken Ofori Atta on Thursday announced a reduction in the special petroleum levy from 17.5 percent to 15 percent.
The move was part of numerous tax cuts announced by the Minister.
The Chamber of Petroleum Consumers (COPEC) has in recent times called on government to review the special petroleum tax levy with the hope of getting a high percentage reduction.
They also believed the reduction will clamp down on the constant increase of fuel prices.
Speaking to Citi Business News, the Executive Secretary of the Chamber of Petroleum Consumers Duncan Amoah said government could have made a further reduction.
“I can say comfortably that if there had been anything in about ten percent net reduction by way of taxes alone, fuel prices could have been affordable for all of us but unfortunately what we have received is about 3.2 percent reduction.” he said.
He added, “If we are not careful, the 3.2 percent reduction that we have had at fuel prices today, by two or three pricing windows, if the Oil Marketing Companies (OMCs) are allowed to continue the way they are going, that could be dropped off completely.”
Duncan Amoah however stated that his outfit will continue to engage government to seek further reduction in the special petroleum levy.
Fuel prices rose between 3.6% and 4.9% within the second Pricing-window for the month of February 2017.
These increments were effected by almost all the Oil Marketing Companies (OMCs) within the session.
As a result, Gasoline and Gasoil are currently selling at Ghc 4.23 per litre and GHc 4.1 per litre on average terms.
Review special petroleum tax levy- COPEC
The Chamber of Petroleum Consumers (COPEC) earlier called on government to review the special petroleum tax levy.
This was after prices of some petroleum products went up by between 8 and 11 percent for the first pricing window in January.
The Executive Secretary of the Chamber of Petroleum Consumers Duncan Amoah who spoke to Citi Business News, expressed dissatisfaction at the development.
He was of the view that government must work towards reducing the fuel cost in the economy.