COMAC pushes for crude oil revenue windfall to support struggling downstream sector

The Chamber of Oil Marketing Companies (COMAC) has urged the Ghanaian government to allocate a portion of the unexpected increase in crude oil revenue to support the struggling downstream petroleum sector. This demand comes amid rising international oil prices and government subsidies on diesel prices, which are putting pressure on the domestic fuel market.

COMAC CEO Dr. Riverson Oppong highlighted that Ghana's actual crude oil revenue is exceeding projections, creating an opportunity to assist businesses and consumers facing higher fuel costs. He suggested a discussion between the government and industry stakeholders on how to utilize the additional revenue to alleviate the downstream sector's burden.

Dr. Oppong emphasized that while the upstream sector benefits from higher crude oil revenues, the downstream sector is struggling. He proposed sharing part of the extra revenue as a balanced approach, rather than only benefiting one party. Additionally, Dr. Oppong clarified that the Uniform Pricing Policy Fund should not be considered as government revenue, as it aims to maintain consistent fuel prices across the country.

He welcomed the government's intervention but stressed that his concern extends beyond immediate relief, as he is committed to the industry's overall stability.