The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Riverson Oppong, has called for full disclosure of proceeds from the controversial energy sector levy, widely known as the “dumsor levy,” as government prepares to ease fuel prices.
His comments follow a recent policy decision by government to remove selected taxes and margins on petroleum products to cushion consumers against rising global fuel costs.
The intervention, announced by Felix Kwakye Ofosu after a Cabinet meeting, comes amid volatility in global oil markets driven by geopolitical tensions involving the United States, Iran, and Israel.
Reacting to the development, Dr Oppong described the move as both necessary and somewhat unexpected. “I don’t know what to call it, whether expected or surprise,” he said, noting that while the industry had long advocated such action, the timing raised questions.
According to him, global benchmark prices were already beginning to stabilise, making the delay in earlier intervention puzzling. “This is the time that the government decided to review prices when we had been asking for it a month ago,” he added.
Industry Welcomes Direction but Urges Clarity
Despite reservations, the COMAC CEO welcomed the policy shift, describing it as a sign of responsiveness to industry concerns and consumer pressures.
“It’s a good direction. I think we are all excited about it as an industry,” he said, adding that ongoing dialogue with government reflects a willingness to address the economic burden on citizens.
However, he cautioned that any reduction in pump prices may not be immediate, explaining that global price adjustments typically take time to reflect in domestic markets. “When it was going up it took some time,” he noted.
Central to the debate is the fate of the dumsor levy, which Dr Oppong believes could be temporarily suspended to provide short-term relief.
“I foresee it affecting the dumsor levy and that levy probably being suspended for four weeks to bring some leverage,” he said.
He stressed that such a move must be accompanied by transparency, urging the Ministry of Finance to disclose how much has been collected since the levy’s introduction and how the funds have been used.
“We need some level of accountability… let’s see what has been gathered so far and what it has been used for,” he stated.
Call for Accountability and Public Trust
Dr Oppong argued that transparency is essential to maintaining public trust, particularly if the levy is to remain in place after any temporary suspension.
“That gives the ordinary Ghanaian the justification for why we should pay the extra GH¢1 even after the four weeks,” he said.
As government prepares to implement its fuel price relief measures, industry players say clarity on tax adjustments and accountability for existing levies will be critical in shaping both market confidence and consumer acceptance.
READ ALSO: Government Moves to Remove Some Fuel Taxes and Margins to Ease Pump Prices
