Contrary to claims by government that it sanctioned only 5 percent tax on prices of petroleum products, the Chamber of Bulk Oil Distributors (CBOD) has said the increases amount to about 20 percent.
According to the Chamber, the percentage of taxes on the prices of fuel in the country currently stands at some 41 percent. This is an increase from 20 percent prior to the recent increases.
[contextly_sidebar id=”7OYnhdHf5boEBevS01b5dKxRZiDDIPpk”]Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi who revealed this at a press conference in Accra on Wednesday also discounted claims that the Tema Oil Refinery (TOR) debt recovery levy has been scrapped insisting it has rather been recaptured under the new energy debt recovery levy.
He also insisted that “these additional taxes which are the main driving factor for the recent increases in fuel at the pump by some 27 percent will only benefit government” and that government will be “making a couple of billions by the introduction of these taxes alone.”
Reports on Monday suggested that government increased fuel prices by between 18 to 27 percent at the pump but a parliamentary document revealed that the legislators approved a 5.18 percent increase for the price of petrol, 2.90 percent for Gas Oil and 1.74 percent for LPG.
Senyo Hosi also chastised transport operators who are demanding an increment in their fares, saying “their claims are illegitimate” since they “failed to reduce transport fares when the price at the pumps went down.”
The CBOD CEO then denied claims that they are not ripping off Ghanaians since their margins are just 5 percent.
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By: Raymond Acquah/citifmonline.com/Ghana