The government of Ghana has taken measures to prevent a sharp increase in petroleum prices at the pumps. This follows an emergency meeting between the Energy Minister, the National Petroleum Authority (NPA), local refineries, and selected players in the downstream petroleum sector. The meeting was convened on Thursday, October 1, 2026, under the direction of President John Dramani Mahama.
NPA Chief Executive Officer, Edudzi Tamakloe, disclosed that Sentuo Oil Refinery and the Tema Oil Refinery (TOR) have agreed to maintain the prices at which they sold petroleum products to Bulk Distribution Companies (BDCs) during the previous pricing window. This move is expected to prevent diesel prices from reaching the projected GH¢22 per liter in the current pricing window. The intervention will keep diesel prices below GH¢20 at the pump.
As part of the measures, the Finance Minister has agreed to suspend the GH¢1-per-litre levy on petroleum products for October. The suspension, together with the decision by the two local refineries to maintain their previous prices, should help absorb some of the pressure from rising international petroleum prices. The levy could be restored depending on developments in the international market.
Edudzi Tamakloe indicated that some major Oil Marketing Companies (OMCs) had given assurances that they were likely to maintain pump prices at levels similar to the previous pricing window. He stressed that the projected increase to GH¢22 per liter would not materialize as a result of the government's intervention. The NPA CEO mentioned that Sentuo and TOR currently account for approximately 45% of local petroleum demand.
The country's reliance on imported petroleum products is significant, with BDCs supplying roughly 55% to 60% of the market. This exposes Ghana to developments in international crude oil and refined petroleum product prices. The NPA says the government's intervention aims to cushion consumers while international market conditions remain volatile.
The sustainability of the measures will depend on developments in the global market, according to Edudzi Tamakloe. Geopolitical developments and other international factors could influence crude oil and refined petroleum product prices in the coming period. For now, the government will continue to monitor the market and coordinate with industry players to limit the impact of international price increases on consumers.
The government's intervention is a temporary measure to mitigate the impact of rising international petroleum prices on consumers. The NPA, under the direction of the Energy Minister, will continue to work with industry players to ensure a stable petroleum market. The intervention is expected to provide relief to consumers in the short term.
Key points
- Diesel prices will remain below GH¢20 per liter due to government intervention.
- The government's measures include the suspension of a GH¢1-per-litre levy on petroleum products for October.
- Local refineries Sentuo and TOR have agreed to maintain their previous prices to help stabilize the market.
