We're still studying the market - NPA on rising fuel costs
Godwin Edudzi Tamakloe, CEO of the National Petroleum Authority (NPA), admitted that "there are no firm guarantees yet on fuel price stability" while speaking on PM Express on Joy News. He indicated that authorities are still assessing how the market will respond before taking any major decisions.
Mr. Tamakloe stated that some decisions require broader conversation, possibly at a ministerial or Presidential level. He pointed to a key benchmark in global oil markets, saying "Anything beyond maybe $120 per barrel for the world price of crude, then the conversations can be firmed up." His comments come amid growing anxiety over global crude oil price movements and their potential impact on local fuel prices.
Mr. Tamakloe hinted at possible government action if conditions worsen, pointing to the President's interest in cushioning the impact on Ghanaians. He said that "In the past few days, the President had been generally concerned about prices" and that "if there is anything in the rulebooks on how to mitigate the impact on the average Ghanaian, the President will not hesitate at all."
Quick Summary
The National Petroleum Authority is closely monitoring fuel prices. Officials are considering how the market reacts before making any decisions - leaving consumers uncertain about potential price hikes.
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