• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Wednesday, February 8, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Blame recent fuel hikes on rise in world prices not new taxes – OMCs

Nii Larte LarteybyNii Larte Lartey
March 16, 2021
Reading Time: 2 mins read
ShareShareShareShare

The Association of Oil Marketing Companies (AOMC) has attributed the latest increases in prices of petroleum products to the prices and forces of demand and supply on the world market.

In a statement to clarify issues on the back of the government’s newly proposed petroleum levies, the OMCs said the upward adjustment of the fuel prices is not a result of the yet to be approved taxes.

“The Association of Oil Marketing Companies would like to state unequivocally that, the current fuel prices on the market are not a reaction to the proposed taxes/levies, but rather the existing world crude oil prices and market forces”, it said.

According to the association, the new levies would only take effect when Parliament approves the 2021 budget.

It added that, while at it, “OMCs will react accordingly, taking into cognizance the effective cost of operations” following the imposition of the taxes.

Fuel prices have already risen by some 11% in the last two months and the proposed new taxes could make an additional 5% rise in taxes which will be borne by consumers.

Osei Kyei-Mensah-Bonsu, the Minister for Parliamentary Affairs and caretaker Minister for Finance while delivering the 2021 budget statement in Parliament announced the tax proposals on fuel; 10 pesewas per litre for diesel and petrol as Sanitation and Pollution Levy (SPL) and 20 pesewas per litre of petrol and diesel to be used as Energy Sector Recovery Levy to cover charges on the State for excess capacity of power.

The development has generated huge controversy with many Ghanaians complaining that should the proposed taxes be approved, it will bring untold hardship on them especially as they are yet to recover from the effects of the COVID-19 on their personal economies.

Below is the full statement by the OMCs

We have monitored on the media landscape, the enthusiastic reaction towards a purported increase in petroleum prices at the pump, following the proposed review on taxes/levies, as presented to parliament on Friday, 12th March 2021.

The Association of Oil Marketing Companies (AOMC) would like to state unequivocally that, the current fuel prices on the market are not a reaction to the proposed taxes/levies, but rather the existing world crude oil prices and market forces.

Subsequently, the impact of the proposed taxes/levies would only take effect when parliament has approved the 2021 budget, assented by the President of the Republic of Ghana and duly gazetted.

At the appropriate time, OMCs will react accordingly, taking into cognizance the effective cost of operations.

Nevertheless, the AOMC is grateful to Government under the COVID-19 Support (Section 117), for the introduction of extension of the waiver of interest and penalties, as incentive for early payment of accumulated tax arrears.

However, we would like to propose a review on the condition that, beneficiaries must fulfil the first quarter tax obligation for the year 2021, and also consider the increment of the number of days for payment of petroleum taxes from 21 + 4 days to 40 days, to ensure effective collection of all adduced taxes.

Further, we would like to assure the general public that OMCs/LPGMCs will continue to pursue and uphold consumers’ interests and will always be at their service.

ShareTweetSendSend
Previous Post

Citi Breakfast Show, Tuesday, 16th March 2021

Next Post

Speak up to stop re-introduction of Agyapa deal – CSOs to Ghanaians

Related Posts

Attorney General and Minister of Justice Godfred Dame
Top Stories

Publication of Covid-19 expenditure report unconstitutional – AG

February 8, 2023
Fuel Pump, Gas Station, Gasoline. Colorful Petrol pump filling nozzles isolated on white background , Gas station in a service in warm sunset. Head fuel vehicle refueling facility in Asia
Top Stories

Gold-for-oil will lead to arbitrary selection of BIDECs, unfair practices – AOMC

February 8, 2023
News

Anyinam youth clash with police over arrest of illegal miners

February 8, 2023
Top Stories

14 arrested for threatening to unleash mayhem at NPP’s elections at Enchi

February 8, 2023
News

Illegal miners dig 5 meters close to Accra-Kumasi Highway at Osino

February 8, 2023

NDC Suame youth organizer must be prosecuted, expelled – NPP demands

February 8, 2023
Next Post

Speak up to stop re-introduction of Agyapa deal - CSOs to Ghanaians

TOP STORIES

Publication of Covid-19 expenditure report unconstitutional – AG

February 8, 2023

Gold-for-oil will lead to arbitrary selection of BIDECs, unfair practices – AOMC

February 8, 2023

Anyinam youth clash with police over arrest of illegal miners

February 8, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT