The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, has explained why government does not directly control most of Ghana’s fuel stocks, saying the country’s downstream petroleum industry was deliberately designed around private-sector participation.
His comments come amid renewed concerns over fuel security as global petroleum markets face supply pressures and fuel prices continue to rise.
The NPA has increased its price floors for petrol and diesel from September 16, with the latest adjustment reflecting higher international market costs.
Government has also introduced measures to cushion consumers from the impact of rising petroleum prices.
Speaking on Joy News’ PM Express Business Edition on Thursday, Mr Tamakloe said Ghana currently has adequate fuel reserves despite concerns about possible disruptions to international supplies.
“Currently we have not less than 6 weeks of cover.
Not less,” he said.
He added that the number of petroleum vessels currently on the high seas provides an additional supply buffer.
“And if you look at the number of vessels even on the high seas, it is significant.” Mr Tamakloe said his immediate concern was not the availability of petroleum products but the effect of rising prices.
He was responding to questions about whether Ghana could face supply challenges in the coming weeks amid projections of export cuts by some oil-producing countries.
He said he did not expect....
