The Deputy Finance Minister-designate, Kwaku Kwarteng, has assured that fuel prices will see further reduction following the passage of amendments to tax laws governing the petroleum sector.
His assertion comes after the Institute for Energy Security (IES) projected that Fuel prices will fall by about 3% in the second pricing window of this month [March 2017].
The IES’s projection comes at the back of the drop-in Brent crude, gasoline and gas oil prices on the world market.
Parliament yesterday approved for the removal and reduction of the Special Petroleum Tax, the Excise tax, and others by passing the Tax (Amendment) Bill, 2017, on Special Petroleum Tax (Amendment)Bill,2017, Special Import Levy(Amendment)Bill,2017 and Customs and Excise (Petroleum Taxes and Petroleum Related Levies) (Repeal) Bill,2017 to give government the legal backing to implement its programmes enumerated in the budget.
These amendments which are currently awaiting approval is expected to bring relief to businesses and Ghanaians once the President Nana Addo Dankwa Akufo-Addo assent to it.
Kwaku Kwarteng who is also the MP for Obuasi West Constituency in an interview with the thebftonline.com said consumers of petroleum products will soon see the effects of the amendments at the pump.
“We should see some significant effects in the price of fuel in the country soon, especially at the pump. This is because the special Petroleum Tax and the Customs and Excise tax on petroleum with its levies have all be removed and some reduced. Am unable to tell how much that will be because we are operating a deregulated regime in the petroleum downstream sector, with individuals that sell these petroleum products choosing how much to sell their products. But what these interventions are seeking to achieve is to reduce government's contribution to the price build-up.
“So, the special petroleum tax that has been reduced from 17.5% to 15% would bring some relief, the exercise duty tax that has been abolished would also bring some relief. In the area of electricity tariff, the reduction of the national electrification levy will bring some relief, the reduction of public lighting levy would bring some relief as well,” he added.
Fuel prices since the beginning of 2017 have seen a gradual increase between 4% and 11% due to the volatility of the country’s local currency.
This currently has forced transport operators to call for an increase in transport fares for some time now.
Though the GPRTU and other transport unions have warned the commuting public not to accept an increase in fares from some drivers, the thebftonline.com can report that commuters have become vulnerable as some drivers have increased their fares despite the directive from their mother unions.
Source: B&FT
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Gymiii when Nana Addo, and Bawumia were saying fuel at deregulated should be sold at 9 cedis where were you, . Ghanaians ain,tsee nothing yet, hope you have checked th price for LPG, and kerosene. and by the way where is Bawumia?
i agree with u @Dora, Lapaz - Nima drivers are extremely recalcitrant n needs to be punished severely.
Lapaz to Nima drivers have increased their fares for the past 3 weeks (from GHs1.90 to GHs2.20).... n GPRTU are toothless abt this, every time this Lapaz-Nima drivers do what ever they want...GPRTU must sanction them immediately.
Peacefmonline.com, you claim the source of this article is BFT? Go back to the source. There's nothing like "exercise duty". It's "excise duty". Please spend a little to edit your news items for the sake of those who beginning to learn the English language. In Ghana some prominent persons go on radio and TV and say (even write) "implement the law to the 'latter'", instead of "..... to the 'letter'".
"Am unable to tell how much that will be because we are operating a deregulated regime in the petroleum downstream sector, with individuals that sell these petroleum products choosing how much to sell their products." Peace FM, stop writing this JSS English. What he said was "I'm unable..." Not "am unable...". 'I'm' is the short form of 'I am' so you either write it in it's full form "I am" or its short form, "I'm". No sentence begins with "Am..."! Writing like that puts it in the category of "off the light" and other stupidities Ghanaians have adopted from God knows where! Correct it!
The reduction is 0.94%. Why are they saying 2%.its less than 1%. How can a reduction of 4.26 to 4.22 amount to 2%. Ghana. I hope we won't have bare the same kind of lies from this administration.
PEACEFMONLINE, WHEN WAS THE LAST TIME YOU REPORTED ON FUEL INCREMENT. HYPOCRISY AT ITS APEX!