The Chamber of Oil Marketing Companies (COMAC) has predicted an upward adjustment in petroleum prices as the next pricing window opens on Tuesday, July 1, 2025.
This was revealed by the Chief Executive Officer of COMAC, Dr. Riverson Oppong, during a press briefing on Monday, June 30.
“I believe following our meeting scheduled for 3:00 pm today, we have a fair idea as to when the position will start. However, we are looking at our forecast for next week to start tomorrow. We already see some increase in the pump price,” Dr. Oppong stated.
He further indicated that ongoing engagements with key stakeholders, including the National Petroleum Authority (NPA), Ghana Revenue Authority (GRA), and the Ministries of Finance and Energy, are expected to help facilitate the smooth implementation of the new Energy Sector Recovery Levy.
The levy, introduced under the Energy Sector Levy (Amendment) Bill 2025, was initially set to take effect on June 9 but was postponed due to resistance from oil marketers, who raised concerns over operational challenges and the global surge in petroleum prices at the time.
However, with recent declines in global fuel prices, COMAC is working with the GRA to ensure a seamless rollout of the levy.
Dr. Oppong also reiterated the chamber’s call for the government to transition eligible oil marketing companies (OMCs) from the current cash-and-carry model to a credit-based tax payment system supported by insurance bonds or bank guarantees.
“At the same time, we are asking the government to meet our needs as an industry by moving our members to our current to the bonds, and those who are in a bond and have duty to self-recognize should also have the opportunity to do so,” he added.
Source: Ghana/Starrfm.com.gh/Hamdia Mohammed
