Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

General Transport, Petroleum and Chemical Workers’ Union kicks against petroleum price hike

  • SOURCE: | Editor
  • oilspil The General Transport, Petroleum and Chemical Workers’ Union (GTPCWU), has kicked against a recently imposed 25% hike in price of petroleum products.

    The Trades Union Congress (TUC) member organization believes the increase “was rushed through parliament without any meaningful deliberations by the peoples’ representatives or wider public consultations.”

    GTPCWU said these in a release Wednesday signed by its General Secretary, Fuseini Iddrisu.

    The Union is of the view that the basis for the rise in the prices of petroleum products has been shrouded in confusion, lacks transparency and the reasons for it is unacceptable.

    “We demand a withdrawal of the so-called Energy Sector Levies without delay,” said the GTPCWU statement.

    Even though a barrel of crude oil on the world market is hovering around $38, as against $100 in June last year, consumers in Ghana now pay about GH¢15 per a gallon of fuel, an unreasonable price.

    On the other hand, in the United States of America (USA), a gallon of petrol is sold at just about $2.

    The fuel price increase has imposed more hardship on the already suffering Ghanaian.

    With the new increases, taxes on petrol per litre are Excise Duty, 2.78 pesewas per litre; Energy Debt Recovery Levy, 41 pesewas per litre; Road Fund Levy, 40 pesewas per litre; Energy Fund Levy, 1 pesewas per litre; Price Stabilisation and Recovery Levy, 12 pesewas per litre.

    Other margins are Primary Distribution Margin, 4.5 pesewas per litre; BOST Margin, 3 pesewas per litre; and Fuel Marketing Margin, 1.5 pesewas per litre.

    Each tax component and margins also attract 17.5% Value Added Tax (VAT), which the consumer also pays.

    For diesel, the tax components per litre are Excise Duty, 1.8 pesewas per litre; Energy debt recovery levy, 41 pesewas per litre; Road Fund Levy, 40 pesewas per litre; Energy Fund Levy, 1 pesewa per litre; Price Stabilisation and Recovery Levy, 10 pesewas per litre.

    The breakdown of the GH¢3.2 billion revenue for the four-and-half years is 2011 -GH¢390,663,167.40; 2012 – GH¢468,627,829.51; 2013 – GH¢514,341,781.52; 2014 – GH¢775,984,110.74; and Jan-June 2015 – GH¢1,053,949,345.67.

    Source: http://www.myjoyonline.com/business/2016/January-7th/general-transport-petroleum-and-chemical-workers-union-kicks-against-petroleum-price-hikes.php#sthash.QGaqM0yd.dpuf

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do you think the President should fund the free SHS with oil revenue?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Aug 2018 >>
    MTWTFSS
    30 31 1 2 3 4 5
    6 7 8 9 10 11 12
    13 14 15 16 17 18 19
    20 21 22 23 24 25 26
    27 28 29 30 31 1 2
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar