Josiah
The Chamber of Oil Marketing Companies (COMAC) has expressed serious concerns over the government’s decision to introduce a new GHS1 per litre Energy Sector Levy on petroleum products. According to COMAC, the levy poses a greater financial threat to local fuel retailers than recent global crude oil price increases.
In response to the Chamber’s concerns, authorities have delayed the implementation of the levy by one week—from June 9 to June 16—after COMAC raised issues related to cash flow constraints, logistical challenges, and inadequate notice.
Appearing on Channel One TV on Monday, June 9, COMAC CEO Dr. Riverson Oppong clarified that the industry is not opposed to the tax itself. Rather, the objection lies in the suddenness of its introduction, which he said places unsustainable financial strain on oil marketing companies (OMCs).
“When fuel prices go up due to global market forces, it’s a different situation from tax-induced increases,” Dr. Oppong explained. “Taxes must be prepaid or bonded, meaning OMCs are required to raise capital in advance before they can lift fuel. Right now, we’re simply not prepared.”
He elaborated that meeting this new tax obligation would require substantial upfront funding—either in cash or through bank guarantees—something that’s difficult to secure in the current economic climate.
“To illustrate, lifting 10 tankers of 58,000 litres each day for just one week would demand over GHS2 million in advance. Which bank is offering that kind of facility right now to pay the GRA?” he questioned.
COMAC has warned that rushing the tax’s rollout without proper planning could disrupt fuel supply chains and destabilize the broader market.
