{"id":2930,"date":"2019-09-10T12:54:10","date_gmt":"2019-09-10T12:54:10","guid":{"rendered":"https:\/\/www.africa-press.com\/ghana\/?p=2930"},"modified":"2019-09-10T12:54:10","modified_gmt":"2019-09-10T12:54:10","slug":"fuel-prices-go-up-50-in-32-months","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/homepage-english\/fuel-prices-go-up-50-in-32-months","title":{"rendered":"Fuel prices go up 50% in 32 months"},"content":{"rendered":"

Fuel prices have consistently gone up for the past 32 months to see an accumulated increment of 50 percent over the period; meanwhile, the same cannot be said for consumers\u2019 incomes, an analysis by the B&FT and the Institute for Energy Security (IES) has shown.<\/strong><\/p>\n

As Oil Marketing Companies (OMCs) increase their prices at the pumps as a result of increments in the Road Fund Levy (RFL), the Energy Debt Recovery Levy (EDRL) and the Price Stabilisation and Recovery Levy (PSRL) by Finance Minister Ken Ofori Atta, when he presented the 2019 mid-year budget review speech, consumers are getting to terms with the latest upward adjustments.<\/p>\n

\u201cThe current increases come to compound 32 months of torrid moments Ghanaians have had to bear as they contended with persistent increases in fuel prices since January 2017,\u201d Paa Kwasi Anamua Sakyi, the institute\u2019s Executive Director, noted.<\/p>\n

\u201cAnd not even the revision and neutralising of the PSRL, aimed at reducing the impact of rising oil prices on the international market on consumers, and a downward review of the Special Petroleum Tax (SPT) could stop Gasoil and Gasoline prices from jumping by close to 50 percent to sell at GH\u00a25.385 per litre today,\u201d he explained.<\/p>\n

Even as inflation stabilised between 9 and 10 percent over the past year, the currency\u2019s depreciation \u2013 coupled with inflation at such rates \u2013 erodes the slight increments in workers\u2019 incomes. Therefore, with fuel prices going up by 50 percent over the past two and half years, consumers are becoming worse off with every increment.<\/p>\n

Lack of innovation to expand tax net<\/p>\n

As government struggles to meet its revenue targets after persistent calls from civil society organisations to widen the tax net so as to include the majority of Ghanaians who are not paying taxes, it instead decided to rely on the low-hanging fruit to drain more income from consumers who are already paying more than enough.<\/p>\n

The proposal by Mr Ofori-Atta, therefore, increased the Energy Sector Levies by GHp20 per litre for petrol and diesel, and GHp8 per kg for liquefied petroleum gas (LPG), to raise more revenue and enable government to issue additional bonds for paying down the energy sector debt obligations.<\/p>\n

\u201cGovernment could have handled its economic indicators better, especially the bit about forex. Fuel, as an international commodity, will require a stable local currency against the US dollar, the major importing\/trading currency, to remain stable on the local market,\u201d Mr Sakyi opined.<\/p>\n

Also, the huge taxes laden on the Petroleum Price Build-up (PBU) could be reviewed downward in the interests of the consumer, he added.<\/p>\n

\u201cAside from government\u2019s failure to maintain the cedi\u2019s strength, some of the mechanisms built into the system to avert such increases in fuel prices have equally failed,\u201d he said, pointing to the Bulk Oil Storage and Transportation Company\u2019s (BOST) failure in recent times to keep strategic fuel stock for Ghanaians, to manage the effects of price volatility in the international market on the local economy.<\/p>\n

\u201cThe Tema Oil Refinery (TOR) is unable to produce at import parity, and barely maintains a respectable utilisation rate lately. Also, the Price Stabilisation has failed to live up to its intended purpose,\u201d he added.<\/p>\n

The value of Gasoline and the cedi at the beginning of 2019 was Gh\u00a25.06 per litre and Gh\u00a24.9 to the US dollar. At today\u2019s values, Gasoline price has increased by 6.4 percent, whereas the value of the cedi has depreciated by 10 percent.<\/p>\n

The first Pricing-window for the month of March 2019 saw the largest rise in the price of fuels, as both Gasoline and Gasoil moved from an average of GH\u00a24.94 per litre to cross the Gh\u00a25 line and sell at Gh\u00a25.17; representing a percentage increase of 4.8.<\/p>\n

More worries in last quarter<\/p>\n

Mr. Sakyi warned Ghanaians to expect further increments of fuel prices in the last quarter of the year, given that the world oil market variables will continue to be unfavourable \u2013 just like the variables in the local economy. \u201cTaxes and levies don\u2019t look like coming down any time soon, and the cedi is fast-depreciating against major trading currency; inflation is on the rise, and there\u2019s no buffer oil stock for the country.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Fuel prices have consistently gone up for the past 32 months to see an accumulated increment of 50 percent over the period; meanwhile, the same cannot be said for consumers\u2019 incomes, an analysis by the B&FT and the Institute for Energy Security (IES) has shown. 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