Some Oil Marketing Companies have adjusted fuel prices upward by 30-35 pesewas per litre.
Energy Analyst attributes the increase to the depreciation of the cedi against the dollar, despite the stable global oil prices.
The Executive Secretary of COPEC, Duncan Amoah is urging the government to revise taxes on petroleum products and desist from imposing additional taxes.
This Duncan Amoah said, will protect the Petroleum industry from over-taxation, and called for the intensification of efforts to revamp the Tema Oil Refinery.
Mr. Duncan Amoah spoke on COPEC expectations on the 2024 budget review.
” We will caution the Finance Ministry not to entertain any ideas of adding taxes to petroleum products. We are in a dire situation, we are not expecting the government to pile any more pressure on us than we currently are experiencing.
At best, they should stay off increasing fuel taxes. The Finance Ministry should try to make funds available to reduce TOR’s debt and ensure that if private investors put in their money, their money will not pay off crippling debt,”
