There have been calls on the Government by some CSOs and GPRTU to reduce taxes on petroleum products as pump prices continue to rise over the last one month. 

What the government has not told Ghanaians is that it has been gaining from the increase in international crude oil prices since the US-Israel-Iran War started. 

On page 100 of the 2026 Budget Statement, the projected Benchmark Crude Oil Price for Ghana’s oil exports was $76.22 per barrel, whilst the 2026 Benchmark crude oil output is estimated at 37.95million barrels (103,959.78 barrels of crude oil per day), based on annual production forecast of each producing field’s outputs in line with the Petroleum Revenue Management Act. This is the Government share of the total crude oil output.

We all know that Crude oil prices have been above $100 per barrel for most of March 2026, which is significantly above the 2026 Budget projection. At these prices, the Government is gaining additional windfall revenue of more than GHS8 billion this year. 

The calls for Government to intervene by reducing the levies/taxes on petroleum products are therefore well placed as this will not adversely affect the 2026 Budget. Revenue shortfalls from reducing petroleum taxes will be recovered from the new additional revenue from Ghana’s share of crude oil exports. 

Government must act now.

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