NPA puts buffers in place to stop fuel firms holding Ghana to ransom
The National Petroleum Authority (NPA) says it has put safeguards in place to prevent private fuel companies from gaining enough control over petroleum supplies to hold Ghana to ransom.
The National Petroleum Authority (NPA) has taken measures to prevent private fuel companies from controlling Ghana's petroleum supplies and holding the country hostage. NPA Chief Executive Godwin Edudzi Tamakloe stated that the nation currently holds at least six weeks of fuel reserves, despite global supply concerns. In addition, the volume of petroleum products on vessels heading to Ghana also serves as an extra buffer for the domestic market.
Recently, the NPA increased the price floor for petrol and diesel, now at GH¢16 and GH¢16.77 per liter, respectively. The reduced fuel exports to Burkina Faso and Mali by BOST Energies have also contributed to this situation. While the immediate concern is not the availability of petroleum products, but price pressure, Tamakloe dismissed worries about an imminent supply problem, citing international exporting countries roping in new suppliers.
He affirmed that the downstream petroleum sector's design encourages private sector participation under Act 691, enabling law, creating different layers of industry participation. However, he acknowledged concerns that private companies could exert excessive pressure on the government, aiming to avoid a repetition of the 2014-2015 events.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
