Former Finance Minsiter, Mohammed Amin Adam has stated that cutting taxes on petroleum products would not undermine Ghana’s 2026 fiscal plan.

His remarks follow increasing pressure from transport operators, including the Ghana Private Road Transport Union, civil society groups, and driver associations for the removal of the GH¢1 levy applied to every litre of fuel. The groups warn that if the charge remains, transport fares are likely to rise, with the GPRTU indicating it may be compelled to transfer the additional cost to commuters.

While government officials have suggested it is premature to scrap the levy, Dr Amin Adam, in a Facebook post on April 2, argued that prevailing global oil market conditions create room for tax relief.

He explained that the state is already benefiting from higher-than-anticipated crude oil prices, driven by tensions in the Middle East.

According to him, the 2026 Budget was based on a benchmark oil price of $76.22 per barrel and projected production of 37.95 million barrels. However, actual prices have surged beyond $100 per barrel for much of March 2026.

He noted that this trend is generating significant additional revenue for the country, estimating a windfall exceeding GH¢8 billion this year.

Dr Amin Adam maintained that any loss in revenue from reducing petroleum taxes could be offset by these gains from crude exports, describing calls for a reduction in fuel levies as justified.

He therefore urged government to take prompt action to ease the burden on consumers facing rising fuel costs.