Fuel tax cuts sustainable despite rising prices – Amin Adam insists

The Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has reiterated that government can reduce petroleum taxes without jeopardising the 2026 Budget.

He cited strong windfall gains from rising crude oil prices. His comments come amid mounting calls for relief as fuel prices continue to climb.

Dr Amin Adam in a Facebook post on Friday, April 3, noted that civil society organisations and the Ghana Private Road Transport Union have been justified in urging government to ease the tax burden on petroleum products.

He explained that sustained increases in pump prices over the past month have placed significant pressure on households and businesses.

The former Finance Minister argued that government’s current revenue position is stronger than publicly communicated, largely due to higher-than-expected crude oil prices on the international market.

He pointed to developments following the US-Israel-Iran conflict, which have driven global oil prices above earlier projections.

Referencing the 2026 Budget Statement, he said Ghana benchmarked crude oil at $76.22 per barrel with output projected at 37.95 million barrels.

However, with prices exceeding $100 per barrel for most of March 2026, he stressed that the country stands to earn more than GH¢8 billion in additional revenue.

Dr Amin Adam maintained that this windfall provides adequate fiscal space to absorb any revenue losses from cutting fuel taxes.

He therefore called on government to act decisively, insisting that reducing petroleum levies will bring much-needed relief to Ghanaians without undermining budgetary targets.

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