By Kekeli K. Blamey
The National Petroleum Authority (NPA) has assured consumers that the government is taking measures to stabilize the Cedi to curb the persistent rise in fuel prices. The recent increases in the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) have been attributed to the instability of the Cedi against the US Dollar, influenced by external factors.
At the maiden Ghana Downstream Awards and Gala Night, Dr. Mustapha Abdul Hamid, Chief Executive Officer of the NPA, explained that under the deregulated regime, fuel prices are determined by the forces of demand and supply. He emphasized that the performance of the Cedi is a critical factor in determining fuel prices at the pumps.
“While the Cedi keeps fluctuating, prices will go up. So we will work hard, stabilize the economy, the Cedi gets strengthened, and the problems would be resolved,” Dr. Hamid stated.
Petroleum consumers have raised concerns over the repeated hikes in fuel prices over the last three pricing windows. Currently, petrol and diesel are trading at an average of GHS 15.10 and GHS 15.24 respectively, compared to GHS 11.24 and GHS 11.26 in January this year.
Dr. Hamid mentioned the Government’s Gold For Oil (G40) Programme, designed to reduce the demand for dollars for fuel importation, which currently accounts for about 30% of total fuel consumption. He noted that while the current scale of the G40 Programme means its impact on stabilizing pump prices is limited, a scaled-up version covering the entire market demand would have a more significant effect.
The Ghana Downstream Awards ceremony honored individuals, institutions, and companies for their contributions to Ghana’s petroleum downstream sector. This sector involves the importation and refining of crude oil, as well as the sale, marketing, and distribution of refined petroleum products.
The event, which concluded the 2024 Ghana International Petroleum Conference (GHIPCon), was organized by the NPA in collaboration with the Ghana Chamber of Bulk Oil Distributors, the Association of Oil Marketing Companies, and under the auspices of the Ministry of Energy.
Notable recipients of Special Recognition Awards included Former President John Agyekum Kufuor, Dr. Kwabena Donkor, Former Minister for Power; Mr. John Dekyem Attafuah, first CEO of NPA; Mr. Patrick Akorli, former Managing Director of Ghana Oil Company Limited (GOIL); Mr. Vincent Kaledzi, Founder and CEO of Star Oil; Prof. Ivan Addae-Mensah, Former Vice-Chancellor of the University of Ghana, and Mr. Yaw Agyemang Duah, Founder of the Association of Oil Marketing Companies.
Among the celebrated companies were GOIL, Chase Logistics Limited, Geonergy Company Limited, Annandale Ghana Limited, Star Oil, Astra Oil Services, and J.K. Horgle Transport and Co.
Mr. Hebert Krapa, Minister of State at the Ministry of Energy, commended the awardees for their dedication and service to the downstream sector, ensuring quality service delivery and providing employment opportunities. He also praised the NPA for maintaining high regulatory standards and fostering professional excellence within the sector.
Madam Doris Addison Sefa, awarded for being the longest-serving female tanker driver, expressed her joy and pride. “Being a female tanker driver has been challenging because it is a male-dominated area. But with determination and discipline, I was able to break the barrier and achieve my dream,” she shared with journalists.
