Show us the money – COMAC CEO demands full disclosure on ‘dumsor levy’ windfall

The CEO of the Chamber of Oil Marketing Companies (COMAC), Dr Riverson Oppong, is demanding full transparency on proceeds from the controversial “dumsor levy,” as government moves to ease fuel prices. The call comes amid growing public concern over rising living costs and pressure on policymakers to provide relief. Government has announced plans to remove some taxes and margins on fuel to cushion consumers, a move expected to influence transport fares and general market prices.

The decision, communicated by Felix Kwakye Ofosu, follows a cabinet meeting on Thursday to assess global economic pressures, including rising fuel costs driven by Middle East tensions involving the United States, Iran, and Israel. These geopolitical developments have had ripple effects on global crude oil markets, impacting domestic pricing structures.

Reacting on PM Express Business Edition hosted by George Wiafe, Dr Oppong described the move as both expected and surprising, highlighting mixed reactions within the petroleum industry and among consumers.

“I don’t know what to call it, whether expected or surprise…I say "expected" because I believe we needed this kind of intervention. Surprised, because I don’t know why government would take a decision like this when the war, indeed, today, has been halted,” he said. His remarks reflect uncertainty about the timing of the policy decision in relation to global developments.

He noted that the timing raises questions, especially as global benchmark prices begin to stabilise, suggesting that earlier intervention might have provided more immediate relief to Ghanaians.

“But as I’m saying, we already see the international benchmark prices coming out, and this is the time that the government decided to review prices when we had been asking for it a month ago,” he added, indicating that industry players had previously appealed for such measures.

Despite reservations, he welcomed the policy direction, noting that it signals responsiveness from government authorities.

“It’s a good direction. I think we are all excited about it as an industry…we are having a dialogue with the government that listens and understands the impact of decisions like this to the ordinary Ghanaian.” His comments suggest improved engagement between policymakers and industry stakeholders.

Dr Oppong cautioned that any relief at the pumps may not be immediate, as global pricing trends typically take time to reflect in local markets.

“The expectation of this downward movement of fuel globally will take some time…when it was going up it took some time.” This delay could affect public expectations in the short term.

He said clarity is now needed on which taxes and margins will be adjusted, as uncertainty remains over the specific components of fuel pricing that will be reviewed.

“Hopefully, if the energy minister and international minister meet, they will understand which taxes and which emerge that they are going to take a second look at.” Greater clarity, he noted, would help industry players plan accordingly.

But his strongest concern centred on the energy sector levy, widely referred to as the “dumsor levy,” which has been a sensitive issue among consumers due to its direct impact on fuel costs.

“I foresee it affecting the dumsor levy and that levy probably being suspended for four weeks to bring some leverage,” he said, suggesting a temporary measure to ease financial pressure on households and businesses.

He insisted that any suspension must be matched with accountability, emphasizing transparency in public financial management.

“As a CEO of Oil marketing companies, I believe it should not just end there by the suspension. We need some level of accountability.” This reflects broader public demands for openness in government revenue usage.

Dr Oppong is now calling on the Finance Ministry to disclose the total revenue collected so far, highlighting the need for public trust.

“I will personally be glad to hear from the Minister of Finance how much that almost GH¢2 have accrued so far…So let’s see what has been gathered so far and what it has been used for.” Such disclosures, he argued, would strengthen confidence in fiscal policies.

He argued that transparency would justify the continued burden on consumers, particularly if the levy is reinstated after suspension.

“And that gives the ordinary Ghanaian the justification for why we should pay the extra GH¢1 even after the four weeks of suspension.” This underscores the importance of accountability in sustaining public support.

On margins, he said the situation is less clear. “For the margins, I cannot pinpoint what exactly the government would take down.” This uncertainty leaves room for further policy clarification.

He maintained, however, that the levy remains the most likely target, given its prominence in public discourse.

“But for the levy side, I believe that it might be a special petroleum tax, or the extra one cedi that you call the dumsor levy suspended.” His conclusion points to a probable focus on easing this specific charge to deliver immediate relief.