• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, August 25, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

ASEC Renews Call to Scrap Fuel Levy Amid Global Oil Price Surge 

June 17, 2025
Prince Agyapongby Prince Agyapong
in Extractives/Energy
0
COMAC Condemns GH¢1 Fuel Levy Hike, Warns of Industry Fallout 

Fuel Station

The Africa Sustainable Energy Centre (ASEC) has once again urged the Government of Ghana to permanently scrap the proposed GHC1 per litre fuel levy, warning that the policy is economically unsound and politically risky amid rising global oil prices. 

In a press release issued today, ASEC’s Director of Research and Innovation, Dr. Elvis Twumasi, stated that the recent global crude oil price hikes—driven by escalating geopolitical tensions—validate ASEC’s earlier caution that the levy was based on “short-lived market conditions.” 

“Global oil markets are inherently volatile, and policy decisions based on such fluctuations are not only unsustainable but also economically regressive.” 

Dr. Elvis Twumasi, ASEC’s Director of Research and Innovation

Global crude prices have jumped to between $73 and $74 per barrel since mid-June, according to international benchmarks, following renewed tensions in the Middle East.  

RelatedPosts

ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 

Oil Prices Edge Higher Amid Geopolitical Risks, Despite OPEC+ Output Increase 

Lands Ministry Tackles Illegal Mining with Holistic Solutions 

ASEC believes this development reinforces its argument that temporary drops in fuel prices—previously attributed to the cedi’s appreciation—should not have served as the basis for imposing a long-term tax. 

Dr. Elvis Twumasi, Director of Research and Innovation at ASEC
Dr. Elvis Twumasi, Director of Research and Innovation at ASEC

“We are now seeing the very scenario we warned about. Any relief Ghanaians experienced at the pumps was always going to be temporary.

“With crude prices now rising, we are heading into a phase where the GHC1 levy, if implemented, could push pump prices to GHC15 per litre or more by July.” 

Dr. Elvis Twumasi, ASEC’s Director of Research and Innovation

ASEC warned that the levy would place undue pressure on consumers who are already facing some level of hardship and a fragile economic recovery.  

The organisation argued that rising global fuel costs will erode any benefits from the cedi’s earlier gains and negate government assurances of price stability. 

“Government goodwill from recent macroeconomic stabilisation efforts—such as declining inflation and a stronger cedi—could be undone by a fuel levy that consumers perceive as both unfair and poorly timed.” 

Dr. Elvis Twumasi, ASEC’s Director of Research and Innovation

Evidence-Based and Citizen-Focused Policy 

Petrol
Global Fuel Price

ASEC reiterated that the fuel levy, even with its postponed implementation remains an ill-advised policy measure that reflects outdated fiscal thinking.  

Rather than relying on consumer taxation to fund the energy sector’s recovery, the Centre is calling for bold structural reforms, increased energy efficiency, and diversified revenue sources. 

“Policies must be evidence-based and flexible enough to accommodate shifts in the global energy landscape.

“Instead of doubling down on a flawed tax, we need a sustainable roadmap that includes investments in infrastructure, smart grid systems, digital metering, and anti-corruption frameworks in utilities like ECG.” 

Dr. Elvis Twumasi, ASEC’s Director of Research and Innovation

With the postponement in effect, the Ghana Revenue Authority (GRA) assured stakeholders that a new implementation date will be communicated once conditions are deemed more favourable.

Several Oil Marketing Companies (OMCs) such as Star Oil and Shell reduced pump prices on Monday June 16, citing the cedi’s strength and improved inventory cycles.

Shell Fuel Prices
Shell Fuel Prices

However, ASEC believes this reduction is “short-lived” and should not be used to justify new levies. 

“Our internal modelling indicates that prices are set to climb again.

“So any short-term relief experienced this week will quickly vanish if international price pressures persist. The GHC1 fuel levy, in such a context, becomes even more regressive.” 

Dr. Elvis Twumasi, ASEC’s Director of Research and Innovation

With Ghana’s energy sector at a critical crossroads and global oil markets increasingly unstable, ASEC insisted that now is the time for prudent, citizen-focused policymaking—not reactionary taxation. 

As the July pricing window nears, all eyes will be on the government’s next move—whether it listens to the calls for reform or proceeds with a policy that may undo recent economic gains. 

READ ALSO: Cedi to Remain Stable Against Major Currencies- Finance Minister Assures Ghanaians 

Tags: ASECDr. Elvis TwumasiGhana fuel levyGlobal oil prices
Please login to join discussion
Previous Post

GFA Releases 2025/26 Football Calendar

Next Post

Ghana Assures Citizens’ Safety Amid Israel-Iran Conflict 

[mc4wp_form id="1264"]

Related Posts

Okyeame Kwame Idolises David Dontoh for His Influence
Entertainment

Okyeame Kwame Admits Hunger Split Akyeame Group

August 25, 2025
Starmer Faces Pressure Over Asylum Hotel Crisis
UK

Starmer Faces Pressure Over Asylum Hotel Crisis

August 25, 2025
Trump Gives Russia 50 Days To Reach Peace Deal Or Face Tariffs
USA

Trump Signs Executive Order Targeting Flag Burning

August 25, 2025
Deputy Minister for Finance, Hon. Thomas Nyarko Ampem
General News

Finance Ministry Vows to Sanction MMDAs’ over GIFMIS Non-Compliance

August 25, 2025
ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 
Extractives/Energy

ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 

August 25, 2025
State Enterprises in Tax Trouble: Graphic, GIHOC, TOR Owe Millions to GRA
Vaultz Business

State Enterprises in Tax Trouble: Graphic, GIHOC, TOR Owe Millions to GRA

August 25, 2025
Okyeame Kwame Idolises David Dontoh for His Influence
Entertainment

Okyeame Kwame Admits Hunger Split Akyeame Group

by Esther Korantemaa OffeiAugust 25, 2025
Starmer Faces Pressure Over Asylum Hotel Crisis
UK

Starmer Faces Pressure Over Asylum Hotel Crisis

by Lawrence AnkutseAugust 25, 2025
Trump Gives Russia 50 Days To Reach Peace Deal Or Face Tariffs
USA

Trump Signs Executive Order Targeting Flag Burning

by Comfort AmpomaaAugust 25, 2025
Deputy Minister for Finance, Hon. Thomas Nyarko Ampem
General News

Finance Ministry Vows to Sanction MMDAs’ over GIFMIS Non-Compliance

by Evans Junior OwuAugust 25, 2025
ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 
Extractives/Energy

ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 

by Prince AgyapongAugust 25, 2025
State Enterprises in Tax Trouble: Graphic, GIHOC, TOR Owe Millions to GRA
Vaultz Business

State Enterprises in Tax Trouble: Graphic, GIHOC, TOR Owe Millions to GRA

by Stephen M.CAugust 25, 2025
Okyeame Kwame Idolises David Dontoh for His Influence
Starmer Faces Pressure Over Asylum Hotel Crisis
Trump Gives Russia 50 Days To Reach Peace Deal Or Face Tariffs
Deputy Minister for Finance, Hon. Thomas Nyarko Ampem
ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 
State Enterprises in Tax Trouble: Graphic, GIHOC, TOR Owe Millions to GRA
[/vc_row_inner]

Recent News

  • Okyeame Kwame Admits Hunger Split Akyeame Group
  • Starmer Faces Pressure Over Asylum Hotel Crisis
  • Trump Signs Executive Order Targeting Flag Burning
  • Finance Ministry Vows to Sanction MMDAs’ over GIFMIS Non-Compliance
  • ECG Commissions 33kV Feeder to Stabilize Power Supply in Obuasi 
The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.