COPEC Discloses That OMCs Likely To Implement Tax-Induced Price Adjustments From May 4

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It shows up most Oil showcasing organizations are yet to change upwards their costs of fuel in the nation’s capital, Accra two days after the set execution date for the recently presented tax charges.

The government during the introduction of the 2021 Budget Reading presented some expenses including the Energy Sector Recovery Levy of 20 pesewas for each liter of petroleum/diesel and 10 pesewas for every liter of Petrol and Diesel, all of which produced results on May 1.

Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah clarified that the different oil advertising organizations have remained on their old costs generally because of the way that they have old stocks that they would have to eliminate from the framework. Notwithstanding, any new lifting that any of them will do viable first of May, which was Saturday, these new duties would apply.

With Parliament affirming these taxes presented in the 2021 spending proclamation, the Ghana Revenue Authority reported it was ready to start assortment from the first of May.

Many were eager to see the vertical change of the costs of fuel at the different siphons, yet that was not the situation.

However,most oil advertising organizations keep on selling at similar cost with market pioneers, Goil, Shell Total actually selling at GHS5.45 per liter.

Fully expecting the expansion in fuel costs due to these charges, some vehicle administrators like the Committed drivers association had indicated that they would give the distinction to travelers by climbing transport passages.

In the meantime, the Importers and Exporters Association of Ghana likewise said people, in general, ought to expect changes in the costs of labor and products from the first of May as the new taxes produce results.