I pray against geopolitics - NPA boss warns of crude price shocks
Godwin Edudzi Tamakloe, CEO of the National Petroleum Authority (NPA), warned on PM Express on Joy News that geopolitical tensions remain the biggest threat to fuel price stability in Ghana. He said, "I can tell you that in this role, I think one of the things that I've always prayed against is any of these geopolitical conversations that have an impact on pricing of, particularly, as you said, crude."
Mr. Tamakloe pointed to past global tensions as examples of how quickly oil markets can be disrupted, recalling the 12-day war between Israel and the US around June of last year. He noted that even threats to major global supply routes can trigger anxiety. He stated that about 30 to 40% of Ghana's national consumption is coming from local refineries.
Mr. Tamakloe explained that Tema oil refinery and Sentuo are two modular refineries that process about 5,000 to 6,000 barrels of crude. He added that 60% is still dependent on imported products. He explained that fuel pricing in Ghana is largely driven by two key factors: forex and the FOB.
Quick Summary
The National Petroleum Authority (NPA) is concerned about the stability of fuel prices in Ghana. The CEO has expressed worry over a particular global issue that could have major implications for the country.
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