The Chamber of Oil Marketing Companies (COMAC) has urged the government to maintain a stable petroleum tax regime to strengthen business confidence, improve revenue collection through better enforcement, and avoid introducing new levies that could fuel smuggling and distort competition.
The Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, said the industry’s priority is policy stability rather than the removal of existing petroleum taxes.
Speaking on Business Focus on July 13, 2026, Dr Oppong said a predictable tax environment would provide certainty for businesses while allowing the government to improve petroleum tax compliance through stronger digital monitoring and enforcement.
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Background
“As an industry, our message is very simple. We hope that you will maintain a stable tax regime to support business confidence,” he said.
He stressed that the appeal extends beyond the petroleum sector, arguing that if the government chooses to retain existing taxes on petroleum products, it should focus on improving revenue collection by addressing leakages rather than imposing additional taxes.
“We are saying that it should improve on revenue collection by eliminating leakages,” he added.
Dr Oppong also noted significant volumes of petroleum products remain unaccounted for, resulting in substantial revenue losses for the state.
According to him, the industry’s latest report indicates that nearly 500,000 litres of petroleum products were not accounted for last year, depriving the government and regulators of much-needed revenue.
He further cautioned against introducing new petroleum levies, warning that higher taxes could encourage fuel smuggling and create unfair competition within the downstream sector.
“Let’s avoid additional petroleum levies that could encourage fuel smuggling and unfair competition,” he stated.
Highlighting the sector’s contribution to government revenue, Dr Oppong noted that tax receipts from petroleum products have remained significant.
He said the government has generated nearly GH¢8 billion in petroleum-related taxes since May alone, demonstrating the importance of the sector to national revenue.
On fuel prices, Dr Oppong said earlier projections had suggested prices could fall into the GH¢8 per litre range before recent geopolitical developments disrupted global oil markets.
He explained that the Chamber monitors international market movements daily and bases its projections on average prices over the country’s pricing windows.
“Fuel prices were going down until this spike, to be fair. Three weeks ago, we forecast that fuel prices would hit the eights, if not even below. That was coming until what we see here. We can never forecast the intentions of geopolitical leaders,” he said.
Dr Oppong added that the Chamber expects to provide an updated fuel price outlook by Wednesday as it continues to assess developments in the international oil market.
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