A coalition of policy think tanks, including IMANI Africa, Chamber of Petroleum Consumers, INSTEPR, and Institute for Energy Security, has proposed a GH¢1.65 reduction in fuel prices as immediate relief for consumers grappling with high petroleum costs.
The recommendation follows a directive by President John Dramani Mahama for the Ministries of Energy and Finance to review taxes, margins, and levies within the petroleum pricing structure to ease economic pressure.
In a joint statement issued on April 14, the groups suggested extending the proposed relief period to two months—beyond the government’s initial four-week plan—after which conditions could be reassessed based on global oil market trends.
The coalition argued that the measure would not significantly strain public finances, citing anticipated revenue from crude oil exports as a buffer.
Beyond the immediate intervention, the organisations called for long-term reforms in the petroleum sector, including a review and possible removal of certain taxes and levies, the creation of a Strategic Reserve Fund to cushion against price shocks, and increased investment in the Tema Oil Refinery to boost domestic refining capacity.