The new levies, which take immediate effect, were strongly opposed by the Minority members who argued that they would impose more hardship on the already suffering Ghanaian.
The Road Fund component of the price build-up is now ?0.40 per litre from the previous ?0.07 per litre.
Also, there is a tax of ?0.05 on diesel and LPG as PSM; ?0.28 on petrol, diesel and LPG as PIS levy; ?0.05 on petrol as PSM; ?0.05 on petrol as recovery margin, ?40.05 on petrol, diesel and ?0.23/kg on LPG as forex under recovery and UPPF at ?0.09 per litre.
According to the Finance Minister, the urgent bill is to restructure, re- nationalize and consolidate energy sector levies to promote the prudent and efficient utilization of proceeds derived from the levies to facilitate sustainable long-term investments in the energy sector.
Minority leader, Osei Kyei-Mensah-Bonsu said the entire bill was vague, adding that Mr Terpker did not give specific reasons for the imposition of the taxes.