Page 18 - DMEA Week 12 2022

DMEA NEWS IN BRIEF DMEA

companies mitigate forex pressures, especially other words, these categories of consumers are The changes come “in line with the
since they often have to borrow at higher paying 11% and 23% of the actual landed cost significant growth in global trade, the
forex rates from commercial banks. A couple of the fuel. improvement of ships’ economics, the
of basis point reductions in the exchange rate Moreover, the evidence shows that illegal Suez Canal waterway development and the
could go a long way in stabilising prices. industrial fishing trawlers dominate Ghana’s enhancement of the transit service”, according
Secondly, the Tema Oil Refinery, which is fishing industry, with artisanal fishing on to series of circulars published on its website
barely functional, must be restructured. The the decline. Thus, there is a need for proper on Tuesday.
refinery needs new ownership under a public- economic pricing of premix and fuel oil by The surcharge levied on laden and ballast
private partnership arrangement, improved rationalising the heavy subsidies on them and liquefied petroleum gas tankers, chemical
corporate governance, and new financing channelling the savings to stabilise petroleum tankers and other liquid bulk tankers will be
to provide critical upgrades to its facilities. prices for all consumers. also increased to 20% of normal transit dues,
The Bulk Oil Storage and Transportation THE CONVERSATION from 10% previously.
Company Limited must expand its storage The Authority also said it will change the
capacity to play a more critical interventionist surcharge levied on laden and ballast dry bulk
role in Ghana’s energy security. TERMINALS & SHIPPING vessels transiting the Canal in both directions,
Thirdly, the government needs to to 10% of normal transit dues, compared with
rationalise the various taxes and levies Egypt’s Suez Canal 5% previously, while the surcharge levied on
imposed on petroleum products. Some, other vessels was amended to 14% from 7%.
such as the sanitation and pollution levy, Increases Tolls for Laden “These surcharges are temporary and can
are nuisance taxes. Others, like the price be either amended or cancelled according to
stabilisation and recovery levy, have not Crude Oil Tankers the maritime industry market conditions”, a
been fully used for their intended purposes. canal authority circular said.
This levy has mainly subsidised premix Egypt’s Suez Canal Authority said on Tuesday The Suez Canal posted a 15.1% jump in
and residual fuel instead of the other legal it will temporarily increase a surcharge levied revenue in February to $545.5 million.
requirements under the Energy Sector Levies on laden crude oil tankers and petroleum Canal revenue surged after a record rise in
Act, 2015 (Act 899) to “stabilise petroleum products tankers transiting the canal in both transit rates, with 1,713 ships passing through
prices for consumer”. directions to 15% of normal dues from 5%, the waterway versus 1,532 a year earlier, Suez
The petroleum authority’s latest ex-refinery effective May 1. Canal Authority Chairman Osama Rabie said
price build-up data shows that both premix It said that ballast crude oil tankers and on March 1.
(used by fisherfolk) and residual fuel oil petroleum products tankers transiting the ASHARQ AL AWSAT
(used by industry) are heavily subsidised or Canal in both directions are still required to
discounted by 89% and 77%, respectively. In pay a surcharge of 5% of normal transit dues.

P18 www. NEWSBASE .com Week 12 24•March•2022