The Chief Executive Officer of the National Petroleum Authority, Godwin Edudzi Tameklo, says authorities are closely monitoring global oil price movements and their potential impact on petroleum prices in Ghana.
Speaking on the KeyPoints with Alfred Ocansey on March 7, he explained that rising crude oil prices could push up the Free on Board (FOB) price of petroleum products, which directly influences fuel prices in the country.
“You see, because you need crude to refine particularly within the country and outside, once the price moves to say 90 dollars, it has impact on pricing,” he said.
Mr. Tameklo noted that government is exploring measures with key economic managers to cushion the effect of rising prices on consumers.
“The approach we are trying to do is to engage the managers of the Ghanaian economy, the Finance Ministry, Bank of Ghana and other players so that petroleum imports can be given a good exchange regime to absorb the impact,” he stated.
He also encouraged Ghanaian banks and businesses to support local refining capacity, including the rehabilitation of the Tema Oil Refinery, to reduce reliance on imports.
Despite the uncertainty in global oil markets with the Middle East tensions, Mr. Tameklo assured that regulators and government agencies are holding daily briefings and monitoring the situation to ensure stability in Ghana’s fuel supply chain.
By Christabel Success Treve
