The Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, has proposed solutions to stabilize fuel prices in Ghana. Speaking at a press briefing in Accra on October 26, 2026, Kombat suggested that amending the Petroleum Management Act would enable TOR to purchase Ghanaian crude oil from the Ghana National Petroleum Company (GNPC) and its partners using Ghana cedis instead of dollars. This move aims to reduce the impact of dollar fluctuations on fuel prices.
According to Kombat, Ghana spends approximately $60 billion annually importing petroleum products. He believes that if the Petroleum Management Act is changed, TOR can buy crude oil in Ghana cedis, thereby minimizing the effects of dollar exchange rate fluctuations on fuel prices. This, in turn, would guarantee price stability and benefit Ghanaians. Kombat emphasized that using local currency for crude oil purchases would help mitigate the impact of dollar fluctuations.
Kombat also proposed ramping up production at TOR using Ghanaian crude oil to meet almost 100% of the country's domestic needs. He suggested that the National Petroleum Authority (NPA) could use TOR's cost benchmark to predict fuel prices, ensuring stability. By relying on local production and using a local benchmark, Ghana can reduce its reliance on international pricing mechanisms like Platts and Brent.
The TOR MD emphasized that Ghanaian medium sweet crude is similar to what is found in Nigeria and Ivory Coast in the Equatorial basin. He urged Ghanaians to ignore what he termed "economic propaganda" and recognize the country's refining capabilities. Kombat's proposals aim to make Ghana self-sufficient in fuel production and reduce the country's reliance on imported petroleum products.
Currently, the Petroleum Management Act stipulates that crude oil must be purchased in dollars. Kombat believes that changing this provision would allow TOR to buy crude oil in Ghana cedis, reducing the country's exposure to dollar fluctuations. This, in turn, would help stabilize fuel prices and make them more predictable.
The Tema Oil Refinery plays a critical role in Ghana's energy sector, and its performance has a direct impact on fuel prices. By ramping up local refining and purchasing crude oil in Ghana cedis, TOR can help guarantee price stability and ensure a more stable fuel supply. Kombat's proposals have the potential to transform Ghana's energy landscape and make the country more self-sufficient in fuel production.
The implementation of Kombat's proposals would require collaboration between the government, TOR, and other stakeholders. If successful, Ghana could become a model for other African countries seeking to stabilize their fuel prices and reduce their reliance on imported petroleum products. The outcome of these proposals will be closely watched by industry stakeholders and the general public.
Key points
- Amending the Petroleum Management Act to enable the purchase of crude oil in Ghana cedis could help stabilize fuel prices in Ghana.
- Ramping up local refining at TOR using Ghanaian crude oil could help meet almost 100% of the country's domestic fuel needs.
- Using TOR's cost benchmark to predict fuel prices could ensure stability and reduce reliance on international pricing mechanisms.
