Commend Govt For Reducing Taxes On Fuel – Tampuli

The Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli has revealed that the government deserves recommendations 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.

“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”.

He added that ” 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 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 .