Gov’t should reconsider the tax levy on petroleum- Petroleum Expert

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Petrochemical Engineer and an Energy Expert, Dr Yussif Sulemena is pleading to the government to reconsider the newly tax levy on Petroleum. 

According to him, the government's decision to introduce new taxes on petroleum products is bad timing hence the decision must be reconsidered. 

Minister for Parliamentary Affairs Osei-Kyei-Mensah-Bonsu in presenting the 2021 Budget statement last Friday hinted that it has become very necessary for Government to consider a review of the energy sector levies.


“The Energy Sector Recovery Levy of 20 pesewas per litre on petrol/diesel under the ESLA is hereby submitted to this House for approval. I should note that on the basis of existing world crude oil prices, the implementation of the two proposed levies for sanitation and pollution as well as to pay for excess capacity charges, would result in a 5.7% increase in petroleum prices at the pump.” He stated.

 Dr Sulemana believe that, oil prices on the international commodities market are already skyrocketing to about $70 per barrel and adding on taxes to petroleum products at the local market level could have an impact at the pumps on consumers.

“The issue of taxes again being imposed on petroleum products especially gasoline and diesel about 10 pesewas I believe will translate to about 5 to 6% at the pump. I think the timing for that particular tax component is a bit misplaced,” he said.

He further stated that the government should rather think about reducing taxes and make efforts to make the industry attractive enough for investors.


 

 

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