The Chamber of Oil Marketing Companies (COMAC) has said it is premature to project the extent of fuel price reductions at the pumps ahead of the next pricing window beginning April 16.
This follows a directive from Cabinet to the Ministers of Finance and Energy to drive down ex-pump prices through the temporary suspension of selected taxes and margins.
The intervention, expected to run for an initial four-week period – is aimed at easing cost pressures on households and businesses amid recent fuel price volatility.
Speaking to Citi Business News, Chief Executive Officer of COMAC, Dr. Riverson Oppong, indicated that uncertainty over which specific taxes and margins will be suspended makes it difficult to provide a clear estimate of the expected price relief at the pumps.
He added that clarity on the scope of the measures will be critical in determining the magnitude of any reduction consumers can expect.
“That’s too early because you and I don’t know what tax they are taking off. You understand, you and I don’t know the margin we are taking off. So I don’t know what conclusion to make until we hear from the minister of finance that this is what I’m taking out, we cannot run the numbers,” Dr. Riverson Oppong said.
Fuel prices at the pumps have been rising since the onset of tensions in the Middle East prompting a policy response from government.
