{"id":465181,"date":"2018-02-17T13:07:05","date_gmt":"2018-02-17T13:07:05","guid":{"rendered":"https:\/\/ghana-mma.com\/2018\/02\/17\/fuel-prices-must-go-down-npa-to-omcs\/"},"modified":"2018-02-17T13:07:05","modified_gmt":"2018-02-17T13:07:05","slug":"fuel-prices-must-go-down-npa-to-omcs","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2018\/02\/17\/fuel-prices-must-go-down-npa-to-omcs\/","title":{"rendered":"Fuel prices must go down \u2013 NPA to OMCs"},"content":{"rendered":"

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\"Renault\"\/<\/div>\n<\/div>\n

The National Petroleum Authority (NPA) has instructed Oil Marketing Companies (OMCs) to with immediate effect implement the revised Special Petroleum Tax which has been reduced by two per cent.<\/p>\n

The NPA wants the reduced taxes to reflect in the price at the pumps effective 16 February 2018 [Yesterday].<\/p>\n

The order was contained in a press release signed by the NPA\u2019s Chief Executive Officer, Alhassan Tampuli.<\/p>\n

The OMCs, directed Mr. Tampuli must following the two per cent reduction of the Special Petroleum Tax use a new template issued by the Authority to compute prices at the pumps.<\/p>\n

Petrol price at the pumps are expected to reduce from GHS 4.67 per litre to GHS 4.50 per litre whereas diesel would be sold at GHS4.48 per litre instead of the GHS 4.67 per litre.<\/p>\n

This follows passage of the Special Petroleum Tax Amendment Bill to reduce the tax from 15 percent to 13 percent Wednesday February 14, 2018.<\/p>\n

President Akufo-Addo was expected to assent the bill Thursday February 15, 2018 so the adjustment could take effect in the next pricing window which opened Friday 16, 2018.<\/p>\n

The reduction was partly due to pressure from sections of the public for a complete scrap of the tax component on petroleum products.<\/p>\n

Chairman of the Finance Committee in Parliament, Mark Assibey Yeboah said the drop in the price of crude on the world market is expected to cause a marginal decrease in the cost of petrol and diesel at the pumps.<\/p>\n

\u201cIf we kept prices where they are now a litter of petrol GH\u00a24.66pesewas, diesel is also GH\u00a24.66pesewas [and] if we didn\u2019t bring this amendment and things stay the same and because there is a drop in international price of crude, we would have seen a marginal decline from 4.67 to about 4.58.<\/p>\n

\u201cWith this new specificity being introduced into the tax, if this should kick in immediately we should see a decline to about 4.5 on the 4.6. We are looking at\u00a0saving about 70pesewas per gallon,\u201d he told Starr News\u2019 Parliamentary Correspondent Ibrahim Alhassan.<\/p>\n

Source: Ghana\/Starrfmonline.com\/103.5FM<\/p>\n

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