He has requested the Ghanaian government to use the income from crude oil sales to help Ghanaians get through this difficult time.
He said “Based on what is even happening today, because of the geopolitical tension between Russia, the West vis-à-vis Ukraine, you should expect that crude oil prices will not be coming down anytime soon.
“And so, what is Ghana doing? First of all, we are making a huge windfall. If you look at 61 to 100, that represents a 60 percent jump, in terms of the revenues that we are expecting and so clearly, we are making some very huge windfall which we can use to cushion the ordinary Ghanaian.
“The other issue is that if you look at taxes on petroleum products the taxes are so huge, not just the number of taxes but the rate at which they have increased them.
“In 2021 we introduced what we call the energy sector recovery levy , policing levy, increased and so all those increments culminated in petroleum prices increment of about 13.6per cent instantly. So far the BOST margin has gone up about 200 per cent fuel margin has gone up about 200 per cent , it is just a plethora of taxes.”
After Russia's war on Ukraine intensified concerns about global energy supply disruptions, oil prices rose on Thursday, with Brent climbing above $105 a barrel for the first time since 2014, according to the Economic Times.
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