At $120, we act - NPA draws red line on global oil prices
Godwin Edudzi Tamaklo, CEO of the National Petroleum Authority (NPA), signalled that the government may be forced to step in if global crude oil prices rise sharply, drawing a clear line at $120 per barrel. Speaking on PM Express on Joy News, he said authorities are closely monitoring market developments but stopped short of giving firm assurances on price stability. He stated, "Anything beyond maybe $120 per barrel for the world price of crude, then the conversations can be firmed up."
Mr. Tamaklo indicated that any major response would require high-level engagement beyond the regulator, possibly at a ministerial or Presidential level. He revealed that President John Dramani Mahama is closely monitoring the situation and is concerned about the potential impact on Ghanaians. He said, "In the past few days, the President had been generally concerned about prices. He has been greatly concerned, as I can tell you."
Mr. Tamaklo suggested that the government could explore measures within existing frameworks to cushion consumers if the situation worsens. He stated, "And so if there is anything within the rules books on how to mitigate the impact for the average Ghanaian, the President will not hesitate at all. I mean, his record is there." The NPA appears to be watching the market closely, with the $120-per-barrel mark emerging as a critical trigger point for possible action.
Quick Summary
The National Petroleum Authority is closely watching global crude oil prices- as Ghanaians brace for potential fuel price hikes. The CEO hinted at a price threshold that could trigger government intervention- but stopped short of revealing details.
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