Ghana Urged to Review Fuel Subsidies and Rethink Domestic Refining

Riverson Oppong, CEO of the Chamber of Oil Marketing Companies (COMAC), believes Ghana's approach to fuel subsidies and pricing needs a review. He argues that the country should consider using revenue from crude oil production to support consumers when international prices rise.

Oppong emphasized the importance of a sustainable mechanism to cushion consumers from price shocks, suggesting that government revenue rather than business funds be used for this purpose.

In addition to fuel subsidies, Oppong also called for an increase in domestic refining. He believes that relying more on locally refined petroleum products can improve energy security and reduce exposure to international supply disruptions.