The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has stated that Ghana’s fuel prices would have been significantly higher without the relative stability of the cedi.
Speaking on TV3 during a discussion on the impact of the Middle East tensions on global oil markets, Mr. Tameklo explained that crude oil prices jumped from $66 to over $100 per barrel, which could have severely affected consumers.
“A $30 hike that could have devastated consumers. Yet, over 13 months of cedi stability has cushioned the blow,” he said.
He added that if the cedi had depreciated to around GH¢15 to GH¢17 to the dollar, petrol prices could have risen to about GH¢23 per litre.
Mr. Tameklo highlighted that the NPA’s introduction of a price floor has also helped protect the downstream petroleum sector and maintain stability in pump prices.
He further noted that oil marketing companies (OMCs) have maintained relatively stable prices, easing fears of sudden spikes in fuel costs and their impact on households.
The NPA boss assured that the authority would continue to closely monitor OMC pricing to safeguard consumers.
Currently, petrol is selling between GH¢12.28 and GH¢13.29 per litre, while diesel ranges from GH¢13.50 to GH¢16.29 per litre.
Fuel prices in Ghana are reviewed every two weeks, based on the exchange rate and the cost of refined petroleum products on the international market.