Former Finance Minister and Member of Parliament for Karaga, Dr Mohammed Amin Adam, has called on government to reduce taxes on petroleum products, arguing that the move is both necessary and financially sustainable.
His comments come amid rising fuel prices and increasing calls from the public for intervention.
In a Facebook post on Friday, April 3, Dr Amin Adam, who also serves as Ranking Member on Parliament’s Finance Committee, said government is currently benefiting from high crude oil prices on the international market.
According to him, these gains provide a cushion that can support tax reductions without creating pressure on the 2026 Budget.
He explained that the budget had projected a benchmark crude oil price of $76.22 per barrel, with expected output of 37.95 million barrels.
However, he noted that actual prices have remained above $100 per barrel for much of March, creating additional revenue for the country.
“This means government is gaining additional windfall revenue of more than GH¢8 billion this year,” he stated.
Dr Amin Adam argued that the extra revenue should be used to ease the burden on consumers facing rising fuel costs.
He maintained that reducing petroleum levies under current conditions would not undermine fiscal stability.
The Karaga MP therefore urged government to act swiftly, insisting that the additional oil inflows can fully offset any losses from cutting fuel taxes.
ALSO READ:
