Ghana's fuel market is facing fresh pressure due to rising international oil prices, pushing up the cost of petroleum products. The National Petroleum Authority (NPA) says it is prepared to manage the turbulence. NPA Chief Executive Officer, Godwin Edudzi Tamakloe, made the remarks on JoyNews’ PM Express Business Edition amid recent increases in fuel prices. He noted that Ghana relies heavily on imported refined petroleum products, making it vulnerable to changes in international market conditions.
The NPA recently raised the price floor for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre from September 16, 2026. This move has been followed by higher pump prices at some fuel stations. Star Oil, for instance, is selling petrol at GH¢16.77 per litre and diesel at GH¢17.77 per litre. The price hike has raised concerns about the impact on consumers and the economy.
According to Mr Tamakloe, Ghana's dependence on imported refined petroleum products leaves the country vulnerable to changes in international market conditions. He said he had always anticipated the possibility of serious disruptions in the sector. The NPA boss emphasized that the current pressure is part of the challenges associated with managing a sector exposed to global market shocks.
Mr Tamakloe said the Authority must remain prepared to respond regardless of whether market conditions are favourable or difficult. He stated that leadership in this particular instance requires a response to both good and bad times. The NPA has been dealing with the current turbulence since February and has been trying to manage the situation.
The NPA's management of the situation so far has been positive, according to Mr Tamakloe. He added that the Authority has been working to mitigate the impact of the turbulence on fuel prices. The NPA's efforts aim to ensure a stable fuel supply and minimize the impact on consumers.
The fuel price turbulence has significant implications for Ghana's economy, particularly for consumers and businesses that rely heavily on petroleum products. The NPA's preparedness to manage the situation is crucial in maintaining stability in the fuel market. The Authority's efforts will be closely watched by stakeholders, including consumers, businesses, and policymakers.
The NPA's proactive approach to managing fuel price turbulence is essential in minimizing the impact on the economy. Mr Tamakloe's assurance that the Authority is prepared to manage the situation provides some relief to stakeholders. The NPA will continue to monitor the situation and take measures to ensure a stable fuel supply.
Key points
- The National Petroleum Authority is prepared to manage fuel price turbulence due to rising international oil prices.
- Ghana's dependence on imported refined petroleum products makes it vulnerable to changes in international market conditions.
- The NPA has been dealing with the current turbulence since February and has been working to mitigate its impact.
