- The government has removed 15p from a litre of petroleum products in response to the rising cost of petrol and diesel
- The new price will kick in from April 1 and will be in place for three months, Finance Minister Ken Ofori-Atta, said
- The 15p reduction was achieved by removing some of the taxes charged on a litre of petrol
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The government has moved to mitigate the increasing cost of fuel and has cut 15 pesewas in taxes on a litre of the commodity from April 1, 2022.
Finance Minister Ken Ofori-Atta announced this when he briefed the press about measures to mitigate the economic challenges.
He said, however, that the 15 pesewas tax cut on a litre of fuel will be scrapped after three months.
Outlining the specific taxes that have been scrapped to enable the 15 pesewas reprieve, the Minister said 2 pesewas per litre have been taken off the BOST margin.
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Additionally, 9 pesewas per litre have been taken off the unified petroleum pricing fund margin.
Also, the fuel marking margin has been reduced by 1 pesewa per litre and the primary distribution margin reduced by 3 pesewas per litre.
“These are expected to reduce petrol price by 1.6% and diesel by 1.4%. We anticipate the measures taken to stabilise the currency will help further stabilise the prices at the pumps,” the Finance Minister stated.
Furthermore, the National Petroleum Authority and the Ministry of Energy are meeting the various Oil Marketing Companies (OMCS) to reduce their margins in line with burden-sharing.
Record increase in the price of crude on the global market due to the Russian-Ukraine war, Ghana’s depreciating cedi and the many taxes on fuel has caused a sharp increase in the price of fuel in Ghana.
The price of petrol and diesel are around GH¢10 per litre, a significant GH¢2 jump in price at the last pricing window two weeks prior.
Ofori-Atta's Measures To Mitigate Economic Hardships Lack Clarity – Minority
The Minority in Parliament has described Finance Minister Ken Ofori-Atta's measures to mitigate the economic hardships as unimpressive and lacking clarity.
At a press briefing shortly after the Finance Minister outlined his measures, Minority Leader, Haruna Iddrisu, said the solutions do not reflect the reality of the economic challenges Ghanaians were facing.
He told a packed press today, Thursday, March 24, 2021, that the solutions put forth by the Minister were not adequate.
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