COPEC praises Akufo-Addo for suspending petroleum levies for 2 months
President Akufo-Addo’s approval to eliminate the price stabilization and recovery taxes for two months, according to the Chamber of Petroleum Consumers (COPEC), is a positive first step.
On the advice of the National Petroleum Authority, President Nana Akufo-Addo has approved a two-month suspension of the price stabilization and recovery levies (PSRL) on petrol, diesel, and liquefied petroleum gas (LPG).
According to the NPA, the government intervened to reduce the impact of rising fuel costs on consumers on the global market.
In an interview with the Ghana News Agency, Mr Duncan Amoah, the Executive Secretary of COPEC, said that while the President’s gesture was commendable, much more is needed to be done “if we truly want to manage prices for Ghanaians.”
Currently, the PSRL for petrol is 16 pesewas per litre (GHp16/Lt), for diesel, it is 14 pesewas per litre (GHp14/Lt), and for LPG it is 14 pesewas per kilogram (GHp14/Kg).
Mr Amoah stated that without legislation, it would be impossible to remove the prices totally.
He said the Chamber has sent a brief to the Ministry of Finance requesting that certain taxes, such as the Price Stabilization and Recovery Levy, be exempted from the 2022 Budget.
“It is good the President decided to grant the approval before the 2022 Budget is read. As a country, we will not be able to sustain the market the way we want it,” Mr Amoah added.
Mr Amoah stated that, notwithstanding the reduction to zero for the following two months, the consumer would receive another 30 pesewas in the coming days.
He claimed that removing 14 or 16 pesewas from the loading, as opposed to 30 pesewas, would return customers to “square one” and make them even worse off.
COPEC has repeated its appeal for the government to repeal the PSRL in order to stop the steady rise in petroleum product prices.
It added that, in addition to international market prices affecting petroleum items, the local currency has recently depreciated more when compared to other trading currencies.
Source: Richard Mensah Adonu | Join our Telegram Group
