Chamber of Petroleum Consumers says Ghana lost about GH¢4billion to fuel smuggling

The Chamber of Petroleum Consumers-Ghana (COPEC-Ghana) has disclosed that the country lost about GHC4 billion to fuel smuggling within three years.

Chamber of Petroleum Consumers says Ghana lost about GH¢4billion to fuel smuggling

According to the advocacy group, fuel smuggling accounts to over 17 percent of all fuel sold in the country currently.

“Fuel smuggling accounts for over 17 percent of all fuel sold within the country currently and what this implies is that the government loses close to one-fifth of all petroleum taxes and revenues, as may be due it, to this fuel smuggling cartel.”

COPEC made the revelation in a statement it released on Monday, 2 September 2019 and asked the government to withdraw the recent tax increment on petroleum products which has resulted in the hike of fuel prices.

The Finance Minister, Ken Ofori-Attah announced the National Petroleum Authority’s directive in the Supplementary Budget he presented recently to the floor of Parliament.

He said the tax was to help the government rake some GH¢400 million for the rest of 2019.

But, the Executive Secretary of COPEC, Mr Duncun Amoah who signed the statement noted that the increment in taxes is completely unjustifiable

“Ghana is known to have lost in excess of over GH¢4 billion over the last three years, thereby rendering the argument of the government seeking to rake in some GH¢400 million for the rest of 2019 and GH¢1.4 billion for the whole of 2020, with the increment in taxes, completely unjustifiable," the statement said.

Adding that, “While pump prices in Ghana continue to be higher than the prices in most countries across the sub-region, the attendant problems fuel price increments bring cannot be overstated, aside from the general hardships and economic downturns such increases portend for everything and everyone within the country.”

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