The Minority caucus of the National Democratic Congress (NDC) in Parliament is demanding an immediate removal of 3 taxes on petroleum products in the wake of rising crude prices on the international market.
According to the minority the removal of the three taxes including the Energy Sector Levy, Sanitation and Pollution Levy and Special Petroleum Levy will significantly mitigate the impact of rising prices of crude prices.
Member of Parliament for Bongo and a member of the Mines and Energy Committee of Parliament Mr Edward Abambire Bawa warns that fuels prices could hit Ghc 9.00 per litre by the next pricing window from the current price of Ghc 8.00.
Increasing fuel prices in recent times has led to 15 percent hikes in transport fares across the country by transport operators.
Mr Edward Bawa expressed worry everything will come crumbling if government fails to take immediate steps to remove those taxes as a matter of urgency.
He also urged the Bank of Ghana to take immediate steps to halt the depreciation of the Ghana cedi which is further compounding the problems facing the economy.
Global developments especially the Russia Ukraine conflict has caused the price of crude oil to jump more than $10 a barrel as shares were sharply lower as the conflict in Ukraine deepened.
Brent crude oil surged more than $10 whiles Benchmark US crude was up nearly $9, at more than $124 a barrel.
Oil prices came under additional pressure after Libya’s national oil company said an armed group had shut down two crucial oilfields. The move caused the country’s daily oil output to drop by 330,000 barrels.