The Danquah Institute is organising a news conference at the International Press Centre, Ridge, Accra, on Wednesday, December 21, 2011 at 11am prompt.
The Danquah Institute will raise issues about the apparent lack of transparency in the Sinopec agreement for the gas infrastructural project, and its implications to the $3 billion CDB loan facility, and an estimated billion dollars of income losses to the state in oil and gas production as a result of policy decisions and inertia.
We have taken note of Government’s statement on the abolishing of illegal fuel price margins by the High Court. The statement is most unfortunate. In particular, the argument by Government that the removal of the illegal price top-ups will lead to higher fuel prices is deceitful.
For the benefit of the public, we quote the petroleum pricing formula made pursuant to the National Petroleum Authority Act, 2005 (Act 691): more>>
An analysis of the petroleum receipts and distribution report, for the period ending 30th September 2011, published by the Dr Kwabena Dufuor on the 21st of November 2011 reveals that Ghana lost a total amount of $479,317,303.30 under the Royalty Tax System it has adopted.
A recent decision by an Accra High Court could have misunderstood the use of the Ex-refinery price differential In the calculation of fuel pump prices and this may force Government to raise retail pump prices if the National Petroleum Authority (NPA) loses its appeal and Government is mandated to carry out the court order.