GH¢2 diesel subsidy will cushion consumers amid global fuel market volatility - COMAC

Dr Riverson Oppong, Chief Executive of the Chamber of Oil Marketing Companies (COMAC), welcomed the government's GH¢2 per litre diesel subsidy on Monday, August 3, speaking on Joy FM's Top Story. He described it as a timely intervention to cushion consumers and operators as volatility in the global oil market continues to drive uncertainty in fuel prices. Dr Oppong stated, "The two cedis relief has come. It is indeed here to cushion consumers and operators within the sector."

He explained that the subsidy comes at a critical time for Ghana's downstream petroleum sector, which is grappling with sharp swings in international crude oil prices. Dr Oppong noted that the entire petroleum value chain-from traders and Bulk Distribution Companies (BDCs) to Oil Marketing Companies (OMCs)-is feeling the effects of the unstable global market. He cited recent movements in crude oil prices, stating, "As we speak today, it's true. Crude oil is back in the 80-dollar range, having moved from about 100 dollars to around 80 dollars within a week." He stressed that these challenges are a global phenomenon affecting oil-producing and oil-importing countries alike.