Business News of Saturday, 7 January 2017
Duncan Amoah, COPEC Executive Secretary
The Chamber of Petroleum Consumers (COPEC) has called on government to review the special petroleum tax levy.
This they say will clamp down on the constant increase of fuel prices.
Prices of some petroleum products went up by between 8 and 11 percent for the first pricing window in January, with many describing the development as disappointing.
Speaking to Citi Business News, the Executive Secretary of the Chamber of Petroleum Consumers Duncan Amoah expressed dissatisfaction at the development.
He was of the view that government must work towards reducing the fuel cost in the economy.
“Indeed if something is done about the special petroleum tax it will be much appreciated. If it is even repositioned from the current ex-depot arrangement to maybe ex- refinery,” he said.
“Unfortunately it looks as though that will continue to deny us of any downward adjustment. And then again UPPF seem to also have gone up from 9% to about 12.5% currently. That also ought to be looked at and possibly reviewed so that maybe in the next window if the new government decides to do something about it, they could reduce it,” he argued.
Mr. Amoah stated that it is important to continue stabilising the cedi since it has a huge impact on petroleum pricing.
“Maybe the governor of the Bank of Ghana would also have to sit up again like I said to ensure that the cedi doesn’t lose grounds to the dollar as has been the case these past couple of weeks. These are the things leading us into the sort of uneasiness as we face currently in Ghana’s petroleum pricing issues.”
Fuel prices increase by about 11%
Prices of some petroleum products on Wednesday went up by 11 percent for the first pricing window in January.
Citi Business News’ checks revealed that the price of a litre of petrol has gone up between 8 and 11 percent while the same quantity for a litre of diesel has gone up between 9 and 11 percent.
A litre of petrol at some major Oil Marketing Companies (OMCs) is now selling between 4 cedis and 4 cedis 15 pesewas.
Also, the price of a litre of diesel could be sold to you at 4 cedis and 4 cedis 15 pesewas.