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Fuel price shoots up by 13% as new govt taxes take effect

Fuel price shoots up by 13% as new govt taxes take effect
Fuel price shoots up by 13% as new govt taxes take effect

Last Updated on May 4, 2021 by MyGh.Online

Ghanaians have taken to social media platforms Facebook and Twitter to cry over the recent hike in prices of fuel at the pump which came to effect as a result of government revenue drive for economic recovery.

Checks by MyNewsGh.com indicate that fuel price has shot up by nearly 13% at the pump following government’s introduction of new taxes and levies amounting to over 45pesewas on fuel prices. 

A trending picture verified from Shell filling station indicates price changes from an average of Ghc5.42 to Ghc6.13 at the pump.

Some energy think tanks such as The Institute for Energy Security (IES) and COPEC had asked the government to withdraw the new taxes on petroleum products to give respite to Ghanaians amidst the covid-19 hardship in the country.

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In a statement, the IES said the amended margins include the BOST Margin, the Primary Distribution Margin (PDM), Fuel Marking Margin (FMM) and the Unified Petroleum Price Fund (UPPF) Margin.

For the UPPF Margin, GHp3 per litre is added on all liquid products except for Premix fuel, MGO Foreign, Gasoil Mines, Gasoil Rig, plus addition of GHp3 per kilograms on LPG.

The PDM has also been increased to GHp11 per litre of Petrol, Diesel and Kerosene. The Fuel Marking Scheme has seen an increment of up to 167% from GHp3.00 per litre to GHp8.00 per litre for all liquid products.

The BOST Margin has also recorded an increment of 100% from GHp6 to GHp12 per litre. This new increase for BOST is coming on the back of an initial 100% increase, from GHp3 to GHp6 per litre barely eleven (11) months ago.

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The IES said it finds the new amendments in the various Margins as a nuisance and insensitive to the Ghanaian petroleum consumer, particularly as the impact of the Covid-19 pandemic is still felt by the majority of Ghanaians.

Source: MyNewsGh.com/2021

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