Business News of Tuesday, 19 October 2021
Source: www.ghanaweb.live
2021-10-19Government must rationalise petroleum taxes to stabilise price build-up – Senyo Hosi
Senyo Hosi, Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors
• Prices of petrol, diesel is selling at GH¢6.80 per litre at various pumps
• The move is already impacting the delivery of goods and services
• Stakeholders in the petroleum sector want some taxes to be scrapped
Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi has backed calls for government to rationalise levies on petroleum products.
This comes
Read full article.after price of petroleum products have increased in the second pricing window beginning October 16, 2021 with petrol and diesel selling at GH¢6.80 per litre at various pumps in the country.
But the CBOD boss speaking on the development touched on a number of petroleum taxes that he believes has become necessary to rationalise in order stabilise pricing in the country.
“The Energy Sector Recovery Levy, Energy Debt Recovery Levy, Primary Distribution Levy, the Primary Distribution Margin, the Sanitation levy, all need to be rationalized. For instance, the Price Stabilisation and Recovery Levy, for instance, has not been used for any stabilisation programme ever.”
“Also, a fund like the Road fund should go down. When a fund like this is up, I don’t see the strong sense for anyone to be paying tolls anywhere in this country. Road fund on prices and at the same time ask people to maintain the roads?” he quizzed.
Senyo Hosi said this in an interaction on the Joy FM Super Morning Show monitored by GhanaWeb on Tuesday October 16, 2021.
Meanwhile, though government has approved the removal of the Price Stabilisation and Recovery Levy (PSRL) on petrol, diesel and Liquefied Petroleum Gas (LPG) for two months, the move is yet to take fully take effect.
Additionally, the price of oil on the global market has hit its highest level in years on Monday, October 18, 2021.
Brent crude oil futures rose 63 cents, or 0.7%, to US$85.49 a barrel by 0645 GMT, after hitting a session high of US$86.04, the highest price since October 2018.
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