Business

Budget 2022: No additional Tax on fuel

Contrary to expectations that more taxes will be introduced on petroleum products in the 2022 budget as a way of raising more revenue to fund projects, government has eased the impact of the constant hikes in fuel prices on Ghanaians by not introducing any levy on petroleum products in the country.

Presenting the 2022 budget statement and economic policy on the floor of Parliament on Wednesday, November 17, 2022, Minister for Finance, Ken Ofori-Atta acknowledged that though fuel prices in the last few weeks have gone up at the various service stations across the country largely as a result of the upward volatility of world market indexes over the period, government has no intention of increasing fuel prices as we approach the yuletide.

Explaining this, Minister for Information, Kojo Oppong Nkrumah who spoke to journalists on the sidelines of the presentation said government didn’t introduce new levies on petroleum products because government is concerned about the plight of Ghanaians.

“Government didn’t go that way because the President was very worried about its impact on transport fares, food prices and inflation at a time that the time government wants to ease the burden on Ghanaians,” he said.

He said the hardship Ghanaians have experienced brought on by the ravages of the coronavirus pandemic is not lost on the government and that it will not further burden Ghanaians with an increase in fuel prices.

Oil price on the international market is over 80 dollars a barrel, after starting the year at a little over the 50-dollar mark. With the reopening of economies across the globe due to the efficacy of the COVID-19 vaccines, demand for fuel has experienced a shape climb, in response to the increment of crude oil on the world market.

Meanwhile, government has also scrapped the amount of money being paid by motorists as tolls on public roads in the country. This according to the Minister is expected to further ease the burden on Ghanaians.

Source: Kasapafmonline.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *