Audio By Carbonatix
The Chief Executive Officer of COMAC, Dr Riverson Oppong, has questioned the timing of government’s decision to ease fuel prices, describing it as necessary but delayed.
Government announced plans to remove some taxes and margins on fuel following a Cabinet meeting on Thursday.
The move, according to the Minister of State for Government Communications, Felix Kwakye Ofosu, is aimed at cushioning consumers against rising global oil prices triggered by geopolitical tensions in the Middle East.
But speaking on PM Express Business Edition on Joy News with George Wiafe, Dr Oppong said the intervention, though welcome, should have come earlier.
“I don’t know what to call it, whether expected or surprised…I say "expected" because I believe we needed this kind of intervention.
"Surprised, because I don’t know why the government would take a decision like this when the war, indeed, today, has been halted,” he said.
He added that global fuel price indicators were already shifting, raising concerns about the delay.
“We already see the international benchmark prices coming out, and this is the time that the government decided to review prices when we had been asking for it a month ago.”
Despite his reservations, Dr Oppong acknowledged the broader significance of the move.
“It’s a good direction. I think we are all excited about it as an industry, because it lets us believe that, yes, we are having a dialogue with the government that listens and understands the impact of decisions like this on the ordinary Ghanaian.”
He cautioned, however, that any price relief may not be immediate.
“The expectation of this downward movement of fuel globally will take some time… the same way when it was going up it took some time.”
Dr Oppong stressed the need for clarity on which taxes and margins will be reviewed.
“Hopefully, if the energy minister and international minister meet, they will understand which taxes and which margins they are going to take a second look at.”
On specifics, he pointed to the controversial “dumsor levy” as a likely target. “I foresee it affecting the dumsor levy and that levy probably being suspended for four weeks to bring some leverage.”
He also called for transparency on the use of the levy.
“I will personally be glad to hear from the Minister of Finance how much that almost GH¢2 have accrued so far… So let’s see what has been gathered so far and what it has been used for.”
Dr Oppong argued that such disclosure would help justify the burden on consumers. “And that gives the ordinary Ghanaian the justification for why we should pay the extra GH¢1 even after the four weeks of suspension.”
He further noted that margins within the petroleum sector have already been under pressure due to recent price competition.
“Margins that go to oil marketing… have been shrinking for the past month with the price war that we saw in the industry.”
While he could not confirm which margins government may cut, he maintained that any relief should go beyond temporary measures.
Latest Stories
-
Nigerian military denies reports of civilian deaths after airstrikes in Niger state
2 minutes -
Driver fined GH¢1,800 for traffic offences
6 minutes -
As jet fuel costs rise, operational disruptions mount for Nigerian airlines
10 minutes -
South Africa’s Ramaphosa faces down calls to resign over cash-in-sofa scandal
13 minutes -
Microsoft’s African data center falters on payment demands, Bloomberg News reports
17 minutes -
Jealous ex-boyfriend allegedly sets rival’s house ablaze at Jema
28 minutes -
Voxy driver in viral video jailed for careless driving
32 minutes -
“Wearing the Black Stars jersey will be a dream come true” – Beres Owusu
35 minutes -
Last passengers leave hantavirus-hit cruise ship as three more test positive
40 minutes -
Police inspector interdicted, remanded over alleged robbery attack on MoMo vendor
41 minutes -
Beres Owusu opens up on playing style, Black Stars ambition
45 minutes -
Trump says Iran ceasefire is on ‘massive life support’
47 minutes -
NDC executives interfere in arrests and confiscation of excavators in Kobro Forest anti-galamsey raid
57 minutes -
Value for Money Office to scrutinise all major public contracts, not just single sourcing – Finance Ministry
58 minutes -
Ecobank and AGRA forge strategic partnership to transform agricultural value chains
1 hour