National Petroleum Authority CEO Outlines GH¢1 Billion Intervention to Stabilize Fuel Prices Amid Global Supply Pressures

Godwin Edudzi Tamakloe, the Chief Executive of the National Petroleum Authority (NPA), has reassured the public that Ghana possesses a secure petroleum supply capable of meeting domestic demand for at least the next six weeks. Despite significant disruptions in the global market, Tamakloe confirmed that adequate fuel stocks are currently in place with additional vessels already en route. While supply remains stable, the NPA head identified rising international prices as a primary concern, noting that the international price of diesel has nearly doubled from $794 to $1,519 per metric ton since February. To mitigate the impact on Ghanaian consumers, the government has already expended over GH¢1 billion through a GH¢2-per-litre intervention on diesel prices, keeping pump prices below GH¢20 per litre when they otherwise could have exceeded GH¢28.

The NPA is currently evaluating several scenarios to extend this financial cushion to petrol, as the existing diesel intervention is scheduled to expire at the end of September 2026. Tamakloe emphasized that the pricing of petroleum products in Ghana is dictated by three primary factors: international Free on Board (FOB) prices, domestic tax components, and the exchange rate of the cedi. He credited the relative stability at the pumps to the collaborative efforts of economic managers in maintaining currency stability and the government's strategic decision to absorb a portion of the price hikes. Recent adjustments have seen the minimum price floor for petrol set at GH¢16 per litre and diesel at GH¢16.77, though some private retailers are charging up to GH¢17.77 per litre.

Addressing the structural design of the industry, Tamakloe explained that Ghana’s downstream petroleum sector is intentionally built for private-sector participation, which is why the government does not directly control the majority of fuel stocks. However, he stressed that the NPA has implemented rigorous safeguards and buffers to prevent private firms from monopolizing supply or holding the state to ransom during periods of market stress. These strategies are informed by lessons from the 2014-15 fuel crisis, which Tamakloe characterized as being driven by "artificial" shortages rather than a genuine lack of product. By maintaining these buffers, the NPA aims to shield the economy's "nervous system" from both internal risks and external market shocks.

As the government looks toward long-term solutions, the Ministry of Energy and the NPA are preparing further recommendations for the Minister of Finance, with a formal announcement regarding permanent price stabilization measures expected in November 2026. Tamakloe reiterated that because petroleum products are essential with few alternatives for the average consumer, fuel security remains a matter of national security. The authority remains vigilant, monitoring international trends and the performance of the cedi to ensure that the downstream sector continues to support economic activity without placing an unbearable financial burden on the Ghanaian public.