Ghana’s Fuel Market Vulnerable to Global Shocks
Ghana’s heavy reliance on fuel imports makes it susceptible to fluctuations in the global market, National Petroleum Authority (NPA) boss Edudzi Tamakloe has warned. Tamakloe emphasized that any disruption in global oil supplies will have a direct impact on Ghana’s economy, particularly fuel prices.
Tamakloe made this statement amid escalating tensions in the Middle East, which have driven up international petroleum prices. He attributed the moderation of fuel prices in Ghana to the stability of the Ghana Cedi, stating that without it, prices could have skyrocketed to GH¢23 per liter.
The NPA boss assured Ghanaians that the country has sufficient fuel reserves, with over 200 million liters of petrol and 150 million liters of diesel, enough to last more than two months. He credited the NPA’s price floor mechanism and the government’s economic management for cushioning the impact of global price hikes.
Ghana’s fuel prices have seen a slight increase, with petrol selling at GH¢11.57 per liter and diesel at GH¢14.35 per liter. Industry analysts attribute the rise to ongoing geopolitical tensions and disruptions in global supply chains.
The NPA has been working to stabilize the market, implementing measures such as the Unified Petroleum Pricing Fund (UPPF) Scheme and monitoring fuel stocks and supply chains.
Author: Korkor Anumu
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