The Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah, has cautioned that reducing fuel taxes will not resolve the current challenges in the petroleum sector.
Speaking on Asempa FM’s Ekosii Sen show, he attributed rising fuel prices to global developments, including ongoing conflicts that have disrupted supply and driven up crude oil prices.
Fuel stocks, he noted, are becoming increasingly difficult to secure, with projections suggesting prices could reach as high as $200 per barrel if the situation persists.
While scrapping taxes may offer temporary relief, Mr. Amoah warned it could create long-term challenges, particularly if supply constraints are not addressed. He emphasized the importance of strategic planning, including building adequate fuel reserves, and noted that Ghana missed earlier opportunities to prepare when global tensions first emerged.
He also highlighted the knock-on effect on transport costs, cautioning that rising fuel prices could lead to higher fares.
“Fuel prices are on the rise, and multiple factors are contributing to this situation globally. The ongoing conflict is making it increasingly difficult to secure fuel stocks. Every country is feeling the impact of the war, and Ghana is no exception, as this is reflected in pump prices. Transport fares may also increase as a result. Unfortunately, the war shows no signs of ending soon. Recent energy reports suggest prices could reach $200 per barrel in the coming days—if we can even secure the product.
“We need to consider storing more oil. While the government could relieve some taxes, that kind of immediate relief may be risky for the future. It might make consumers happy temporarily, but it won’t be sufficient, especially with limited stocks. Reducing taxes is not the solution right now; we missed the opportunity to plan strategically when the war began,” he said.
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