The Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli has said that the government must be commended for its interventions to prevent further increase in petroleum products.
He said that but for the government’s intervention, Ghanaians would have paid 7% more on petroleum products.
He added that the Economic Management team of government has made some interventions reducing the price build up to cushion consumers.
He disclosed that the government has forfeited taxes amounting to about 300million cedis from June this year hence the current fuel prices despite the world market price of petroleum hitting the highest price ever since four years.
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“The government interventions by way of taxes, levies, and margins in the price build-up has led to a significant drop in the taxes on petroleum products from 40%from January 2017 to 26% as of today. The cumulative effect of the reduction in the special petroleum tax and then the complete abolishing of the exercise tax and as we speak today the price stabilization and Recover Levy has also been sent to zero.”
“Price stablization and Recovery Levy fetches the government Ghc33 million cedis every month a tax the government has forfeited. As we speak the government has forfeited for itself nearly 300 million cedis all in the interest of Ghanaians,” he added.
He was therefore of the view that the government deserves to be applauded instead of condemned.
He said this Thursday during a media interaction in Koforidua in the Eastern Region.
Mr Tampuli added that Ghanaians must acknowledge that the government cannot be blamed for the recent fuel price hikes because the power to determine fuel prices was taken away from the government in 2015 after the amendment of the price deregulation policy, Regulation 14 of L.I. 2186.
This means that the prices of Petrol and Diesel are determined by the Bulk Distribution Companies.
He, however, added that the only products whose prices are still determined by the Authority are Residual Fuel Oil (RFO), Premix Fuel, Aviation Turbine Kerosene (ATK), Gasoil Mines, Marine Gasoil Foreign, and Gasoil.