Fuel price reductions may not be immediate despite the government’s recent intervention, Chief Executive Officer of COMAC, Riverson Oppong, has cautioned.
Speaking on PM Express Business Edition on Joy News on Thursday, Dr Oppong explained that although global fuel prices are beginning to decline, consumers should not expect an instant drop at the pumps.
His remarks follow the government’s announcement on April 9 to remove selected taxes and margins on petroleum products, a move aimed at easing the burden on consumers after recent price hikes linked to geopolitical tensions in the Middle East involving the United States, Iran, and Israel.
The policy was earlier communicated by Felix Kwakye Ofosu, Minister of State for Government Communications.
Reacting to the intervention, Dr Oppong described the decision as both timely and unexpected. He noted that while industry players had long called for such measures, the timing raised questions given recent indications that tensions affecting global oil markets were easing.
“I don’t know what to call it, whether expected or surprised,” he said. “Expected, because we needed this kind of intervention. Surprised, because I don’t know why the government would take this decision when the conflict appears to have stabilised.”
He added that global benchmark prices had already started trending downward, suggesting that earlier intervention might have been more impactful.
Despite welcoming the move, Dr Oppong stressed that fuel price adjustments typically take time to reflect changes in global markets.
“The expectation of a downward movement will take some time—just as it took time for prices to rise,” he explained.
He also emphasised the need for clarity on which specific taxes and margins the government intends to review, noting that this will be key to understanding the full impact of the policy.
“Hopefully, the relevant ministers will clarify which taxes are being adjusted so the industry can properly interpret the decision,” he said.
Dr Oppong further described the intervention as a positive sign of improved engagement between the government and industry stakeholders.
“It’s a good direction. It shows there is dialogue and that government is listening to the concerns of industry players and the impact on ordinary Ghanaians,” he added.
On possible areas of adjustment, he pointed to the controversial “dumsor levy” as a likely candidate for temporary suspension, potentially for a four-week period to provide relief.
However, he called for greater transparency regarding the use of funds generated from the levy.
“I would like to hear from the Finance Minister how much—close to GH¢2 billion—has been accrued so far and how it has been utilised,” he stated.
Dr Oppong also highlighted mounting pressures within the petroleum sector, noting that profit margins for oil marketing companies have already been squeezed due to recent price competition.
While he could not specify exactly which margins the government might reduce, he suggested that any relief would likely come from adjustments to levies such as the special petroleum tax or the additional charge commonly referred to as the “dumsor levy.”
