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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Al-Ghais: Taxes constitute the largest percentage of fuel prices in these countries

    Rocky
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    Al-Ghais: Taxes constitute the largest percentage of fuel prices in these countries Empty Al-Ghais: Taxes constitute the largest percentage of fuel prices in these countries

    Post by Rocky Wed 18 Sep 2024, 6:57 am

    Al-Ghais: Taxes constitute the largest percentage of fuel prices in these countries

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    Economy News - Follow-up
    [rtl]The world cannot thrive without oil and its related products, said OPEC Secretary General Haitham Al Ghais. For consumers, it provides gasoline, diesel and other transportation fuels. It is also used in the development of plastics, medicines, medical supplies and many other vital products. For producers, the revenues derived from this natural resource are vital to their economies and populations.[/rtl]
    [rtl]Al-Ghais refuted the narrative we often hear, which is that every increase in prices raises fuel costs, bringing increased revenues to oil producers, at the expense of consuming countries, adding that this narrative can lead to finger-pointing and pitting consumers against producers, rather than recognizing that everyone is a stakeholder in the energy industry, with legitimate needs and concerns. Moreover, this narrative does not match the facts.[/rtl]
    [rtl]“It is important to realize that the prices paid by consumers around the world at gas stations depend on several factors, including the price of crude oil, refining costs, marketing, transportation, profit margins for oil companies, and taxes imposed by the governments of consuming countries,” he said, noting that “a deeper study of this issue provides us with new information and facts in this regard.”[/rtl]
    [rtl]“Oil can indeed be a lucrative source of revenue, but when we analyze this closely, we see that the major oil-consuming countries are the primary beneficiaries of these revenues through the taxes they impose. For example, the economies of the OECD countries earn significantly more revenues from retail sales of petroleum products than the revenues of OPEC members that they earn from selling oil,” said OPEC Secretary General Haitham Al Ghais.[/rtl]
    [rtl]“Between 2019 and 2023, OECD economies earned, on average, about $1.915 trillion more per year (based on weighted average prices) from retail sales of petroleum products than OPEC countries earned from oil revenues. This is because a large part of retail petroleum prices is taxes,” he added.[/rtl]
    [rtl]“In fact, during 2023, the OECD average share of the total tax on the final retail price increased year-on-year to around 44 percent, and for some countries it was even higher. Over the course of the year, in many European countries, taxes represented more than 50 percent of the final retail price of fuel,” Al Ghais said.[/rtl]
    [rtl]The importance of this revenue source has also been highlighted by the UK Office for Budget Responsibility as a source of government revenue, with the body saying: “Fuel duty is levied on purchases of petrol, diesel and a range of fuels. It is a significant source of revenue for the government. It is expected to generate £24.7 billion in 2023-24. This will represent 2.2 per cent of total revenue, equivalent to £850 per household and 0.9 per cent of national income.”[/rtl]
    [rtl]Therefore, for many consumers, taxes can be a more important factor than the original price of crude oil in feeling any strain on their pockets when refueling.[/rtl]
    [rtl]For governments of consuming countries, these revenues are important revenues earned through the sale of petroleum products. As for producing countries, the governments of these countries reinvest a large portion of these revenues in the exploration, production and transportation sectors of the oil industry so that they can secure the world's oil needs on a continuous basis.[/rtl]
    [rtl]In other words, producing countries, which often face social, economic, infrastructural and other challenges, do not have the freedom to spend all their revenues on these and other needs, as they have to reinvest part of their revenues in industry, in order to secure current and future supplies for consumers.[/rtl]
    [rtl]It is clearly within the rights of countries and governments to develop their own tax systems, but when people talk about concerns about the impact of rising fuel prices on people’s disposable income, it is important to remember how much of this flows into finance ministries and tax authorities around the world.[/rtl]
    [rtl]These levels of taxation underscore the perception by consuming countries of the revenue-generating power of oil and its products. The governments of these countries invest these revenues in public services to provide to their people. The idea of ​​pointing the finger at producers is a distortion of reality.[/rtl]
    [rtl]Finally, some governments are simultaneously seeking to capitalize on the revenue-generating potential of oil while phasing out oil, along with subsidizing other forms of energy. In advocating this approach, they should consider the question of how to replace the lost revenue from oil taxes. Might they need to impose similar tax levels on other forms of energy?[/rtl]


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