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The energy minister revealed that the government had spent 232 million ¢ for the tax relief of petroleum products for ordinary Ghanaians between December 2017 and June 2018.
John Peter Amewu said the relief was part of the government's efforts to use tax interventions to mitigate the impact of rising oil prices on the international market for Ghanaians.
"The loss of revenue for the government as a result of the elimination of excise duty and the reduction of the Stabilization and Price Recovery Levy (PSRL) alone between December 2017 and June 2018 raises more than 232 million ¢, He revealed during his visit to the Meet-The-Press series in Accra on Tuesday.
He added that to protect citizens from the consequences of rising world market prices, government used tax interventions to mitigate the impact of higher oil prices on the domestic market.
According to him, the government abolished excise duties on petroleum products and reduced the special tax rate on oil from 17.5% to 15% in March 2017.
Minister of Energy John Peter Amewu
Government On February 16, 2018, the rate of the special tax on oil was reduced from 15% to 13%, converted the special tax on Ad valorem oil into a specific tax on the same date and reduced the stabilization levies and price recovery (PSRL) on December 1, 2017.
The minister also revealed that the government, through the National Petroleum Authority, was striving to ensure that realistic prices were set by bulk distribution companies (BDCs) and shipping companies. marketing of oil (WTO).
"The NPA reviews the indicative prices submitted by each BDC and OOM for each pricing window to ensure that they set realistic prices and ensure that consumers are not operating in a deregulated environment," she said. he explained.
Mr. Amewu explained that since the implementation of price deregulation in 2015, the National Petroleum Authority (NPA) has played a supervisory role in determining benchmark prices and ensuring that BDCs and MOCs set the price. their prices in accordance with the prescribed oil price setting formula.
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