Fuel pump prices in the second pricing window, which began on March 16, would have been much higher than what is currently being observed if not for prudent management that has stabilized the cedi, Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has asserted.
He recalled that prior to Monday, when oil marketing companies began adjusting their pump prices upward, projections indicated that fuel prices would rise significantly due to ongoing Middle East tensions, which have escalated crude oil prices.
Speaking on TV3 during a discussion on the impact of the US–Israel war on Iran, Mr. Tameklo emphasized that crude oil prices jumped from $66 to over $100 per barrel due to the tensions.
“A $30 hike that could have devastated consumers. Yet, over 13 months of cedi stability has cushioned the blow.
“If the cedi traded at GH¢15 or GH¢17 to the dollar—as it once neared 17—petrol would hit GH¢23 per litre,” he explained.
“This management has anchored pressures, averting shocks seen in the past.”
The NPA introduced a price floor to protect the downstream sector—a tool Mr. Tameklo says delivers “a lot of stability.”
Oil marketing companies (OMCs) have set relatively stable prices, easing fears of skyrocketing costs and hardship.
Mr. Tameklo pledged close monitoring of OMC pricing.
“Current economic managers have controlled what could have been catastrophic,” he added, crediting their efforts for shielding households amid global volatility.
Currently, a litre of petrol is selling between GH¢12.28 and GH¢13.29, while diesel ranges between GH¢13.50 and GH¢16.29 per litre.
Pump prices are revised every two weeks, based on the exchange rate and the cost of refined petroleum products on the international market.
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