The government has reversed its decision to increase the Fuel Marking Margin from Ghp4 to Ghp9 per litre on petroleum products.
A notice issued by Curtis Perry Kwabla Okudzeto, Deputy CEO of NPA, to Oil Marketing Companies (OMCs) in the West African nation indicated that the Governing Board of NPA had approved an increase in the Fuel Marking Margin from Ghp4 to Ghp9.
The NPA, therefore, advised the OMCs to implement it in Price Build Up effective Sunday, April 16, 2023.
However, the increment was met with stiff opposition by the Minority in Ghana’s Parliament.
Two ministers in the former administration of John Dramani Mahama, Emmanuel Armah Kofi Buah (a former Minister for Petroleum) and John Abdulai Jinapor (a former Deputy Minister for Power) in a series of comments on Twitter and Facebook accused the Akufo-Addo administration of being insensitive to the plight of Ghanaians.
“The reported increase in fuel marking margins by the board of NPA, if true, is a clear example of a government that cares less about the excruciating hardships of its citizens.
“It is even worse when such an exercise is undertaken at a time when Ghanaians have already been compounded with burdensome taxes imposed by this same insensitive government in recent times.
“This is going to affect the prices of fuel at the pump which will unavoidably have cascading effects on other goods and services. The latest increment of the fuel marking margin is unjustified & must therefore be reversed forthwith,” Hon. Armah Kofi Buah tweeted.
However, barely 24 hours when the duo went public to lash at the government, the NPA, in a statement to the Oil Marketing Companies ( OMCs), informed them about the government’s decision to reverse the increment.
“We wish to, hereby, withdraw the increment. Hence, the FMM will remain Ghp4.00/Lt until further notice,” it said.
Fuel Marking Margin means a margin incorporated into the buildup of petroleum prices to pay for the marking of petroleum products to prevent tax revenue loss, smuggling and adulteration of petroleum products.
The increment in FMM would have resulted in increases in fuel prices from tomorrow.
Currently, a litre of petrol is sold between Gh¢11. 64 and Gh¢12.65 while diesel is sold between Gh¢11.99 and Gh¢12.84.
Source: https://energynewsafrica.com
