The recent GHS 1.3 billion embezzlement scandal at the National Petroleum Authority (NPA) has reignited calls for the reduction of petroleum taxes as consumers and industry stakeholders question the growing financial burden of high fuel prices.
Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), argues that reducing certain petroleum taxes, levies and margins could help bring down fuel prices and ease the strain on Ghanaians.
He noted that, instead of being debated in Parliament, taxes such as the Universal Petroleum Pricing Fund (UPPF) have been increased, resulting in higher fuel prices at the pump.
“Rather than seeing taxes scrutinised and debated in Parliament, we have witnessed an increase in existing levies like the UPPF, further burdening the already struggling Ghanaian public,” Amoah said.
“It’s no surprise that we are seeing the Unified Petroleum Pricing Fund end up in this way.”
The scandal, which uncovered significant financial mismanagement within the NPA, has raised alarm about the lack of transparency in the management of funds that are supposed to stabilise fuel prices.
Industry players believe that instead of stabilising costs, the growing tax burden on petroleum products is contributing to the surge in fuel prices, putting additional pressure on both consumers and businesses.
Amoah emphasised that COPEC is ready to assist the Office of the Special Prosecutor (OSP) and any other investigative bodies to uncover the full extent of the mismanagement.
The GHS 1.3 billion embezzlement has triggered a wider debate on the sustainability of current fuel pricing policies, with growing concerns over the fairness of levies imposed on petroleum products.
The public and industry experts are urging greater transparency and a reevaluation of the management of petroleum funds to better serve the interests of Ghanaian consumers as the OSP continues its investigations.