{
  "id": 90537,
  "title": "Gov’t should build strategic fuel reserves instead of ad hoc pump price cuts – COPEC",
  "url": "https://urgent.news/2026/08/03/govt-should-build-strategic-fuel-reserves-instead-of-ad-hoc-pump",
  "topic": "world",
  "section": "World",
  "published": "2026-08-03T15:32:21.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/govt-should-build-strategic-fuel-reserves-instead-of-ad-hoc-pump-price-cuts-copec/"
  },
  "original_language": "en",
  "account": "The Chamber of Petroleum Consumers (COPEC) has urged the government to prioritize the establishment of a strategic fuel reserve system over temporary interventions to mitigate consumer suffering from escalating petroleum prices. This recommendation comes after President John Dramani Mahama instructed the National Petroleum Authority (NPA) to absorb GH¢2 per litre of diesel as part of initiatives to alleviate the burden on consumers. In an interview with JoyNews’ The Pulse, COPEC Executive Director Duncan Amoah expressed that while the reduction in diesel prices is a positive development for consumers, such measures do not offer a sustainable solution to the volatility in fuel prices. Amoah emphasized that Ghana requires a structured mechanism enabling the state to acquire and store petroleum products when international market prices are advantageous and utilize them during times of price surges. He explained that a strategic reserve program would offer the government a more dependable tool for managing global market fluctuations without compromising substantial tax revenue through emergency price reductions at the pump. Amoah stressed that the government should pursue the strategic reserve program model, which allows for the preservation of tax revenue throughout the year, storage of fuel when prices are favorable, and eventual utilization during price hikes. He cautioned that the current diesel price reduction, although beneficial, may be temporary due to the government's reliance on absorbing costs amidst competing fiscal demands. The COPEC Executive Director estimated that the intervention would impose significant costs on the state, particularly during a period when the government is operating under stringent fiscal constraints. Amoah noted that Ghana's petroleum market remains susceptible to international price movements, highlighting the criticality of long-term planning. He argued that establishing fuel reserves would enable the country to mitigate the effects of abrupt increases in global crude oil prices and safeguard consumers from abrupt adjustments at service stations.",
  "summary": "The Chamber of Petroleum Consumers (COPEC) has urged government to prioritise the establishment of a strategic fuel reserve system rather than relying on periodic interventions to cushion consumers against rising petroleum prices.",
  "key_points": [
    "COPEC urges government to build strategic fuel reserves.",
    "President Mahama orders NPA to absorb GH¢2 per litre diesel.",
    "Strategic reserves offer dependable tool for price volatility."
  ],
  "editors_take": "Government plans to cut fuel prices on an ad hoc basis will not solve long-term price volatility, but a strategic fuel reserve system would give it a sustainable tool to manage market fluctuations.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "MyJoyOnline Ghana",
        "title": "COPEC welcomes GH¢2 diesel subsidy but urges gov’t to pursue long-term fuel strategy",
        "url": "https://urgent.news/2026/08/03/copec-welcomes-gh-2-diesel-subsidy-but-urges-govt-to-pursue-long-term",
        "published": "2026-08-03T14:48:27.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}