Dr Oppong stated:

Even before the implementation of the amended Energy Sector Levy—which has now been suspended—our projections indicate that pump prices are likely to go up.

He continued:

I can confirm that petrol is likely to increase by 2 percent, LPG may go up by just over 1 percent, and diesel could see a 5 percent hike. These projections take into account all relevant factors, including the NPA’s pricing formula.

Dr Oppong also urged the government to consider transitioning qualified Oil Marketing Companies (OMCs) from the current cash-and-carry model to a credit-based tax payment system.

We are appealing to the government to support the industry by moving eligible members from the current system to a bond scheme. Those already on bonds with a duty to self-recognise should be given the opportunity to do so.

He further disclosed that ongoing stakeholder consultations are being held with key government institutions, including the National Petroleum Authority (NPA), Ghana Revenue Authority (GRA), and the Ministries of Finance and Energy. These engagements are aimed at facilitating the smooth implementation of the newly introduced Energy Sector Recovery Levy.