Pulse.com.gh logo

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.

  • Published: , Refreshed:

Parliament, Wednesday, approved an emergency Energy Sector Levy Bill even in the face of intense opposition by the minority.

According to the minority in Parliament, the levies will compound the woes of the already burdened Ghanaian.

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.

Read More: > More Borrowing: Controversy rages in parliament over next Eurobond; House fails to suspend sitting

Minority leader, Osei Kyei-Mensah-Bonsu said the entire bill was vague, adding that Mr Terpker did not give specific reasons for the imposi­tion of the taxes.

Making reference to government's claims that it had paid off the Tema Oil Refinery (TOR) debt, he ques­tioned why another tax was being introduced to pay off the same TOR debt.

"This whole bill has not been explained well to us and that the gov­ernment is forcing it through just to impose more hardship on Ghana­ians," he said.

The New Patriotic Party (NPP) Member of Parliament for Tema East, Titus Glover, for his part, did not understand why the government was rushing to pass the bill just to impose more economic hardship on Ghana­ians weeks after it announced increas­es in utility tariffs.

"This government is insensitive and does not feel for Ghanaians."

Read More: > More Borrowing: Parliament approves controversial $1 billion Eurobond

The NPP Member of Parliament for Kwadaso, Dr Owusu Afriyie Akoto told Business Guide that the government had emptied its coffers through careless expenditure and was just scrapping the barrel to balance the books.

"These new taxes will definitely result in higher inflation, high cost of goods, high interests and high cost of living which bring untold hardship to Ghanaians," Dr Afriyie Akoto said.



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 Taxes In Ghana Don't rejoice; VAT has been hiked through ‘backdoor’ –...bullet
2 Kwabena Duffuor Official: Duffuor’s assets not being auctionedbullet
3 2018 Budget Review Prepare to pay 35% tax if you earn 10k and abovebullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Uche Ofodile Captain Planet’s wife heads MTN Liberiabullet
7 Nigeria To The World Ex-Nigerian Minister appointed to...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Salaries In 2018 Here are the dates public workers will...bullet
10 Ban On Fishing Gov’t isn’t wicked – Prof Boatengbullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
4 Support Finance minister buys Kantanka carbullet
5 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Money Alert Meet Africa's richest womanbullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 Bozoma Saint John 10 quotes from Uber top official,...bullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet