Fuel Price Hikes: Ghanaians feel pinch of new fuel taxes today

Parliament , on 23rd December passed emergency Energy Sector Levy Bill even in the face of intense opposition by the minority.

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

Parliaments new taxes imposed on petroleum products has  pushed oil prices at the pump to increase by as high as 28 percent.

Parliament , on 23rd December passed emergency Energy Sector Levy Bill even in the face of intense opposition by the minority.

Read More: > Price Hikes: Ghanaians to suffer tax increments on petroleum products

The Bill which takes will immediately impose more taxes on petroleum products which will see the Road Fund levy move from GHC0.07 per litre to 0.40 per litre.

The Bill which was introduced to the house on Monday, 21st December 2015,  will also imposes a tax of GHC0.05 per litre on diesel and LPG as PIS levy; Ȼ0.05 on petrol as PSM; Ȼ0.05 on petrol as recovery margin, Ȼ40.05 on petrol, diesel and Ȼ0.23/kg on LPG as forex under recovery and UPPF at Ȼ0.09 per litre.

According to the Finance Minister, the urgent bill is to restructure, re- nationalize and consolidate energy sector levies to promote the prudent and efficient utilization of proceeds derived from the levies to facilitate sustainable long-term investments in the energy sector.

It was introduced in the House Monday, December 21 by the Finance Minister and passed after two days.

If government had not introduced the recent levy, diesel would have rather gone down by 10 percent.  However, as things stand now, though international oil prices have falling to $35 a barrel, fuel prices have gone up by as high as 28 percent a barrel.

Petrol would have been reduced by some 5.5 percent per liter at the pumps but the levy has triggered an increase by least 27 percent percent.

LPG should witness about 18 percent jump in price per kilogram.

According to importers and marketers of petroleum products, decrease in prices of crude oil and petroleum products  on the world market was not enough to offset the impact of the recently introduced Energy Sector Levy Act.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Importing Frozen Chicken Government ‘bans’ importation of frozen chickenbullet
2 Banking In Ghana 705,000 depositors to lose GHC740m – BoG Governorbullet
3 Defamation Suit Ibrahim Mahama sues Owusu Bempah, UTV for GHc2m over...bullet
4 World Water Day Ghana to soon import waterbullet
5 Unibank Takeover Kofi Amoabeng says takeover of uniBank is...bullet
6 Dumsor Shut down my machines and ‘dumsor’ will be back – Mahamabullet
7 Ponzi Scheme Thousands of Ghanaians lose millions to Savana...bullet
8 BOG Unibank drops arbitration plans over BoG takeoverbullet
9 Taxes In Ghana VAT on condoms and 63 other commodities...bullet
10 Menzgold Ghana Don't deposit money with Menzgold – BoG...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
7 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
8 Entrepreneurship How to be resourceful as an entrepreneurbullet
9 Entrepreneurship Creating Success Systems | StartUpSchoolbullet
10 Video We are determined to move Ghana beyond aid - Bawumiabullet