Suspend GH¢1 Fuel Levy Amid Rising Global Oil Prices – COMAC To Gov’t

The Chamber of Oil Marketing Companies (COMAC) has appealed to government to temporarily suspend the additional GH¢1 levy on petroleum products, saying it would protect consumers as fuel prices continue to rise due to pressure on the exchange rate and rising global oil prices.

As the cost of imports and international prices for refined petroleum products rise, diesel prices are creeping closer to GH¢20 per litre and oil marketing companies (OMCs) are making a series of upward adjustments at the pumps.

The fee, introduced at a time when gasoline prices had fallen to their lowest, must be revoked to give immediate relief to individuals and businesses grappling with higher transport and energy costs.

This is according to the Chief Executive Officer of COMAC, Dr Riverson Oppong.

“We have said it many times, but it never happened. This is probably the time for the energy sector levy to be removed so consumers can benefit,” he said.

He also noted that the reason behind the introduction of the additional levy no longer applies in prevailing market conditions. 

“The same reason you brought it because fuel prices had moved from GH¢17 to GH¢10, then you added one cedi. Now we are almost back there again. So take it off and get the praise that you deserve,” he stated.

Mr. Oppong argued that the taxes and levies have become a significant amount of the retail price of petroleum products and the suspension of the additional would ease the burden of rising international prices without seriously jeopardising government revenue.