The Institute for Energy Security has asked the government to stop collecting the Price Stabilisation and Recovery Levy. This request comes as global oil prices continue to rise significantly.
IES believes that suspending the levy would help ease the financial pressure on consumers. High fuel prices affect the cost of transport and goods for many people.
The Price Stabilisation and Recovery Levy is part of the taxes added to fuel prices in Ghana. It is intended to help manage fluctuations in the cost of petroleum products.
However, with the current surge in international oil prices, the levy is adding to the burden consumers face at the pumps.
IES stated that a review of the current fuel pricing structure is necessary. They want the government to consider removing this levy temporarily.
This action, they suggest, would provide immediate relief to Ghanaians. It would help make fuel more affordable for households and businesses.
The institute is urging for prompt government action on this matter. They hope this will lead to a reduction in the price of petrol and diesel.