Business & Finance

COPEC: Removal Of Taxes On Fuel Won’t Spike Apparent Positive Results

Fuel prices have surged in the country and currently increasingly moving up due to a number of factors as the whole economy stagger in challenges. A litre of diesel has now hit GHc 10 and petrol GHC 9.

Some experts have proposed that different taxes on fuel is a major factor that must be scrapped to bring the desired effect.

According to Research, Planning, and Monitoring Officer of Chamber of Petroleum Consumers (COPEC), Sampson Addae, removal of taxes on fuel will not apparently spike positive results in the face of Ghanaians.

He stated that this action if taken, will not help the government as it needs taxes to stabilize the economy. As such, will be unwilling to scrap off the taxes.

He emphasized that the depreciation of the cedi has contributed heavily to the increasingly rising of fuel prices since dealers have to exchange more cedis for the dollar in order to buy from the world market.

Source: Mensah William

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