The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong is calling for full transparency in how funds from the controversial “dumsor levy” are used, as the government takes steps to reduce fuel prices.
The government has announced plans to cut certain fuel taxes and margins to help ease the financial burden on consumers.
This decision was shared by Government Spokesperson, Felix Kwakye Ofosu after a cabinet meeting held on April 9 to review global economic pressures, including rising fuel prices linked to tensions in the Middle East involving the United States, Iran, and Israel.
In response, Dr. Oppong said the move was both anticipated and somewhat unexpected.
“I don’t know what to call it, whether expected or surprise…I say “expected” because I believe we needed this kind of intervention. Surprised, because I don’t know why government would take a decision like this when the war, indeed, today, has been halted,” he said.
He noted that the timing raises questions, especially as global benchmark prices begin to stabilise.
“But as I’m saying, 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,” he added.
Despite reservations, he welcomed the policy direction.
“It’s a good direction. I think we are all excited about it as an industry…we are having a dialogue with the government that listens and understands the impact of decisions like this to the ordinary Ghanaian.”
Dr Oppong cautioned that any relief at the pumps may not be immediate.
“The expectation of this downward movement of fuel globally will take some time…when it was going up it took some time.”
He said clarity is now needed on which taxes and margins will be adjusted.
“Hopefully, if the energy minister and international minister meet, they will understand which taxes and which emerge that they are going to take a second look at.”
But his strongest concern centred on the energy sector levy, widely referred to as the “dumsor levy.”
“I foresee it affecting the dumsor levy and that levy probably being suspended for four weeks to bring some leverage,” he said.
He insisted that any suspension must be matched with accountability.
“As a CEO of Oil marketing companies, I believe it should not just end there by the suspension. We need some level of accountability.”
Dr Oppong is now calling on the Finance Ministry to disclose the total revenue collected so far.
“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.”
He argued that transparency would justify the continued 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.”
On margins, he said the situation is less clear. “For the margins, I cannot pinpoint what exactly the government would take down.”
He maintained, however, that the levy remains the most likely target.
“But for the levy side, I believe that it might be a special petroleum tax, or the extra one cedi that you call the dumsor levy suspended.”
