The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has renewed calls for Ghana to establish a dedicated strategic fuel reserve fund to strengthen the country’s ability to respond to disruptions in global petroleum supply.
Mr Amoah says Ghana currently lacks a clearly structured financial mechanism to deliberately build and maintain emergency petroleum stocks, despite the range of levies and taxes already imposed on fuel products.
He suggested that introducing a small reserve margin within the petroleum pricing framework could generate significant resources to support the development of strategic reserves through the Bulk Oil Storage and Transportation Company Limited (BOST).
“I have advocated all along that we should introduce a reserve margin and channel it to BOST, under the control of the ministry and the government.”
“Consumers already pay numerous taxes on petroleum products, yet none is specifically dedicated to building strategic reserves. That is worrying,” he stated in an interview with Channel One TV.
Mr Amoah explained that even a modest contribution to the fuel price structure could raise substantial monthly revenue.
According to him, a 10-pesewa levy could generate between GH¢40 million and GH¢50 million monthly, funds that could be used to purchase and store petroleum products as a national buffer.
He noted that such a reserve would provide critical protection for households, businesses and the wider economy during periods of supply shortages or global price spikes.
His remarks come at a time of heightened concern about international fuel supply disruptions, particularly due to tensions in the Middle East, which continue to drive uncertainty in global energy markets.
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Source: www.myjoyonline.com