General News of Sunday, 3 January 2016
The Chamber of Petroleum Consumers Ghana (COPECGH) has expressed its “utmost disappointment” with Finance Minister Seth Terkper, describing Government’s continued taxing of petroleum products as a “lazy” way of raising revenue. The group also did not spare Parliament in that regard.
Prices of petroleum products are set to go up between 18 and 28 percent, effective Friday, January 1, 2016.
COPECGH said in a statement Friday, January 1, 2016, that it is monitoring the various Oil Marketing Companies (OMCs) in connection with the price hikes, adding: “Increasing road fund from 0.07p/litre to 40p/litre represents over 450% leap and one wonders if indeed, we can only tax petroleum products for our roads when we already have tolling systems on a good number of roads across the country.”
“Increase in energy fund components of petroleum taxes further raises our suspicion of a lazy approach to dealing with raising revenue by the current Finance Minister,” COPECGH said.
The group accused the Ministry of picking on petroleum service providers and consumers by constantly hiking prices and taxes to raise revenue.
The group said the “hurried passing of these new levies on petroleum in the 2015 Energy Sector Bill, which at the moment is threatening to slap some additional 25% on petroleum prices, leaves a lot more to be desired and Ghanaians must reject and resist this inhumane treatment for a new year’s gift.”
“The lazy approach to raising revenues must stop as we demand a reversal and review of this wicked bill that is threatening to increase the cost of everything in the country,” it said, adding: “Our team continues to check and monitor the various OMCs and pumps to determine how much adjustments are made in prices of petroleum for this new pricing window effective today the 1st of January 2016.”