{
  "id": 11357186,
  "title": "COMAC pushes for crude oil revenue windfall to support struggling downstream sector",
  "url": "https://urgent.news/2026/10/02/comac-pushes-for-crude-oil-revenue-windfall-to-support-struggling-11357186",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-02T03:35:00.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/comac-pushes-for-crude-oil-revenue-windfall-to-support-struggling-downstream-sector/"
  },
  "original_language": "en",
  "account": "The Chamber of Oil Marketing Companies (COMAC) is advocating for a portion of Ghana’s surplus crude oil revenue to bolster the struggling downstream petroleum sector. This request arises as the government maintains subsidies on diesel prices, while escalating global oil prices place strain on the domestic fuel market. Dr. Riverson Oppong, COMAC’s CEO, suggested redirecting part of the unexpected rise in crude oil revenue to alleviate the downstream sector’s burden. He noted that the government’s oil revenue performance appears to exceed earlier projections, presenting an opportunity to aid businesses and consumers grappling with higher fuel costs. \"Ghana is an oil-producing country. George, we produce oil,\" he emphasized. \"No matter how far our volumes have dropped, that is a question for the gods, the upstream chamber probably. We are also recovering or over-recovering.\" Dr. Oppong highlighted that the actual crude oil revenue appears to surpass what was projected in the national budget. \"If you compare the budget of the Ministry of Finance at the early part of the year compared to what the actual price or the actual revenue we are making from the crude oil stills, we are making more than whatever we projected,\" he stated. He proposed initiating a dialogue between government and industry stakeholders to determine how the extra revenue could be utilized to support the downstream sector. \"Wasn’t it a good idea for the government to say to stakeholders,’Hey guys, I was meant to make $100 million’?\" he questioned. \"Now I’m making 120 million. Can I bring this $20 million to cushion the downstream?\" Dr. Oppong pointed out that the downstream sector is currently enduring the brunt of the pressure, whereas the upstream sector benefits from higher crude oil revenues. \"Because the downstream is crying, upstream is laughing. So whereas Petroleum Commission and GNPC are happy with the incremental revenue, NPA and us are crying,\" he remarked. He advocated for an equitable distribution of the additional revenue, suggesting that sharing part of it could be a more balanced approach. \"So let’s have this dialogue. Instead of only one side being happy, can we share the extra profit, or the profit we are getting from upstream? That could be a good one,\" he suggested. Dr. Oppong also clarified that the Uniform Pricing Policy Fund should not be considered government revenue, as it serves to ensure consumers pay consistent fuel prices regardless of their location. \"The real subsidy, the real pain that will affect government budgets, is the taxes and levies,\" he explained. He welcomed the government’s intervention but stressed that his concern extends beyond immediate relief. \"We are happy for the government intervention, and I’ll still keep on saying that that’s government intervention. It’s good. We appreciate that,\" he said. \"I care because I care about the industry. Anything that will bring operations or the industry to a floor, I’m against it.\"",
  "summary": "The Chamber of Oil Marketing Companies (COMAC) is calling for a portion of Ghana’s additional crude oil revenue to support the struggling downstream petroleum sector.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "COMAC pushes for crude oil revenue windfall to support struggling downstream sector",
        "url": "https://urgent.news/2026/10/02/comac-pushes-for-crude-oil-revenue-windfall-to-support-struggling",
        "published": "2026-10-02T03:35:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}