Chief Executive Officer of the National Petroleum Authority (NPA) Edudzi Tamakloe, has allayed fears of fuel shortages, stating that Ghana’s reserves are enough to last more than two months amid the ongoing Israel-Iran tensions.

Mr. Tamakloe disclosed that Ghana currently holds over 200 million litres of petrol and more than 150 million litres of diesel, quantities he described as sufficient to stabilize the market in the medium term.

“I can assure the good people of Ghana that currently, as we speak, we have enough stock or reserve to last us beyond two months. With all efforts, we are confident that we wouldn’t have any problem with supply disruptions at al” he said.

He made these remarks amid growing concerns that rising geopolitical tensions in the Middle East could disrupt shipping through the Strait of Hormuz, a crucial route for global oil transport.

Ghana introduced a new GH₵1 per litre fuel levy on June 3, 2025, under the Energy Sector Levies (Amendment) Act—commonly referred to as the “Dumsor Levy”—with plans to implement it on June it on june 9 but later postponed to June 16.

The surcharge was designed to address funding gaps and support debt repayment in the energy sector.

However, it was met with swift opposition from civil society groups and industry stakeholders, who condemned the lack of stakeholder engagement and the seemingly discretionary manner in which the levy was introduced.

The Ghana Revenue Authority (GRA) announced its suspension last week pending further review.

Mr. Tamakloe has stated that government is monitoring global developments and will decide on the rollout date in consultation with stakeholders.“The government is always monitoring global events and will respond in the next foreseeable days. It doesn’t look like there has been any serious disruption… but there will be enough consultation with the Chamber of Oil Marketing Companies, among others, before the rollout will come,” he explained.

Meanwhile the Director of the International Monetary Fund’s (IMF) Communications Department, Julie Kozack, had welcomed the implementation of the Energy Sector Shortfall and Debt Repayment Levy that introduced a GHC1 fuel levy.

At a press briefing, Julie Kozack noted that the country stands a better chance of addressing its energy sector crisis with the implementation of the levy.

“On the fuel levy, what I can say is that this is a new measure that will help generate additional resources to tackle the challenges in Ghana’s energy sector, and it is also going to bolster Ghana’s ability to deliver on the fiscal objectives under the programme,” she said.

Under the new levy:

Motor Spirit (Super Petrol): from Ghc0.95 to Ghc1.95AGO/Diesel and Marine Gas Oil (Foreign): from Ghc0.93 to Ghc1.93Marine Gas Oil (Local): from Ghc0.03 to Ghc0.23Heavy Fuel Oil (Residual Fuel Oil – RFO): from Ghc0.04 to Ghc0.24Partially Refined Oil (Naphtha): from Ghc0.95 to Ghc1.95Liquefied Petroleum Gas (LPG) remains unchanged at Ghc0.73

Products lifted by a Petroleum Product Marketing Company (PPMC) before June 16 will still be subject to the old levy rates.

Any “cash-and-carry” transactions by PMMCs for which products are lifted on or after June 1, 2025, will be subject to the new rates.

Energy and Green Transition Minister, John Abdulai Jinapor, has defended government's move despite opposition from some stakeholders in the energy sector.

He noted that the timing of the introduction of the levy is apt as the cedi continues to appreciate against major trading currencies.

The minister projects to generate revenue ranging between GH¢5 billion and GH¢6 billion to support the procurement of liquid fuel.

Some stakeholders in the energy sector have expressed their displeasure over the approval of the Energy Sector Levy (Amendment) Bill, 2025, by Parliament and its pending implementation.

On the matter, Chief Executive Officer of the Association of Oil Marketing Companies (AOMCs), Dr Riverson Oppong Peprah,warned that the implementation of the levy could drive fuel prices higher, adding further strain on consumers and the downstream sector.

“When fuel prices began to fall, it wasn’t because the cedi gained stability; rather, it was due to a drop in plant prices caused by the decline in West Texas Intermediate (WTI) crude oil prices. Only after that did the cedi stabilise and support the downward trend."

"As we speak today, plant prices are already rising again. So, I urge the government to reconsider this levy since there are other options," he counselled.