In recent times, fuel prices in the global market has seen a major increase which has relatively affected the price mechanism of fuel in the Ghanaian Market and at the various pumps.
The continuous price changes has recently led to an increase of 3% of its price.
A Research and Monitoring Officer at the Chamber of Petroleum Consumers (COPEC), Sampson Addae has admonished government to cut down the taxes placed on petroleum products to reduce the cost burden on Ghanaians.
Speaking on Day Break Upper East show on A1 Radio, Mr Addae highlighted that prices of fuel at the world market, the dollar to cedi ratio and taxes on fuel products being the major key factors of the increase in price of the commodity in recent times.
He added that, “The higher the taxes, when you have you have a small increase in either the world market price or the cedi depreciation then it means that consumers are going to pay more for the product they buy.”
Mr. Addae further explained that, about 50% of the fuel consumers buy at the pumps is made up of taxes that government has imposed on the price bidder.
“Government has to review the tax component that we have on the prices bidder. Because 50% is too much and if Government should review and take some off at least if 20% is taking out and we have 30% I think the prices can come down for the Ghanaian to have some form of relief.” He stressed.
Meanwhile, fuel prices in 2021 has seen a three-time increase at various local pumps across the country.
Source: A1Radioonline.com |101.1MHz |Kennedy Zongbil |Ghana
