The Chief Executive Officer of COMAC, Riverson Oppong, has questioned the timing of government’s decision to ease fuel prices, describing the intervention as necessary but belated.
The government recently announced plans to remove selected taxes and margins on petroleum products following a Cabinet meeting, a move aimed at cushioning consumers from rising global oil prices driven by geopolitical tensions in the Middle East. While acknowledging the policy direction as positive, Dr Oppong argued that the response should have been implemented earlier, particularly as industry stakeholders had been calling for relief weeks prior.
He noted that global fuel price indicators were already beginning to stabilise, raising concerns about the timing of the intervention. In his view, the decision, though welcome, comes at a point when international benchmarks are showing signs of easing, potentially limiting its immediate impact.
Despite these reservations, Dr Oppong described the measure as a step in the right direction, emphasising that it reflects growing engagement between policymakers and industry players. He said the move signals a willingness on the part of government to respond to the economic pressures faced by consumers and businesses.
However, he cautioned that any reduction in fuel prices may not be immediately felt, explaining that global price adjustments typically take time to filter through domestic markets.
Dr Oppong also underscored the need for clarity on the specific taxes and margins targeted for review, stressing that transparency will be key to building public confidence in the policy. He pointed to the controversial “dumsor levy” as a potential candidate for temporary suspension, suggesting that such a measure could provide short-term relief.\
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Beyond immediate interventions, he called for greater accountability regarding the utilisation of levies collected, particularly those contributing significantly to fuel costs. According to him, disclosing how much has been accrued and how it has been spent would help justify the financial burden placed on consumers.
He further highlighted the ongoing pressure on margins within the petroleum sector, noting that recent price competition among oil marketing companies has already reduced their earnings. While he could not definitively state which margins government intends to adjust, he maintained that any reforms should be comprehensive and sustainable, rather than limited to short-term relief measures.
