The Chamber of Petroleum Consumers (COPEC) has warned that the government’s recently announced fuel relief measures, including tax suspensions and fee reductions may only offer temporary relief and will not be enough to shield consumers if global geopolitical tensions persist.
While COPEC welcomed the April 2026 decision to scrap select petroleum taxes to cushion costs, they emphasized that Ghana’s lack of strategic fuel buffers leaves the country vulnerable to prolonged international shocks. Executive Secretary Duncan Amoah stated that while tax cuts are “long overdue,” they are “temporary” and cannot “subsidize your way out of a global oil crisis”.
Ongoing conflict in the Middle East, specifically involving Iran, Israel, and the United States has already pressured global crude prices, which hit over $91 per barrel following reports of a potential blockage of the Strait of Hormuz.
Mr. Amoah highlighted that Ghana’s limited fuel storage capacity (estimated at only five weeks) is a critical weakness. They urged the government to invest in local refining capacity, including the revival of the Tema Oil Refinery (TOR) and securing contingency funds for Bulk Oil Storage and Transportation (BOST) to build strategic reserves.
His warning comes immediately after a significant spike in pump prices at the start of the April pricing window president directing the suspension of certain fuel taxes and levies for an initial four-week period to reduce immediate pressure on households and transport operators.
