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14.10.2021 Oil and Gas

Remove taxes, levies on petroleum product that are no longer useful – ACEP to gov’t

By Eric Nana Yaw Kwafo
Remove taxes, levies on petroleum product that are no longer useful – ACEP to gov’t
14.10.2021 LISTEN

The Africa Centre for Energy Policy (ACEP) is calling on the government to take the necessary steps to review taxes and levies on petroleum products to ensure those that have outlived their usefulness are removed.

The prices of a litre of petroleum products have increased by about 33 percent this year. These increments introduce significant cost burden for the productive sector and the average Ghanaian.

Over the years and as it continues this year, petroleum products have become the easiest avenue to tax Ghanaian citizenry.

The National Petroleum Authority (NPA) in a statement dated Monday, 11th October 2021, announced the decision to zero the Price Stabilization and Recovery Levy on petrol, diesel, and LPG for two months.

But a statement from ACEP after noticing the release from NPA, says the decision only raises questions over the efficiency of the levy.

ACEP is recommending “Government take steps to review the margins, taxes, and levies regime for petroleum products to eliminate those that have outlived their usefulness.

“Government should ensure that GRA improves the efficiency of revenue collection from the levies to allow the reduction of levies to further cushion consumers,” the ACEP statement signed by its Executive Director Benjamin Boakye adds.

Read the full release from ACEP below:

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Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

Journalist

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