The Chamber of Oil Marketing Companies (COMAC) has urged the Mahama government to temporarily suspend the additional GH¢1 levy on petroleum products following the recent hike in petroleum products globally.
According to COMAC, the move would cushion consumers as fuel prices keep soaring.
Oil marketing companies (OMCs) have implemented successive upward adjustments at the pumps, with diesel prices edging closer to GH¢20 per litre amid higher international refined petroleum product prices and increased import costs.
Chief Executive Officer of COMAC, Dr Riverson Oppong, said the levy, introduced at a time when fuel prices had fallen significantly, should now be withdrawn to provide immediate relief to households and businesses grappling with rising transport and energy costs.
“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.
According to Dr Oppong, the rationale for introducing the additional levy no longer reflects 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.
He argued that taxes and levies now account for a substantial portion of the retail price of petroleum products, and that suspending the additional GH¢1 levy would help soften the impact of rising international prices without fundamentally undermining government revenue.
