The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, says the Authority is prepared to address turbulence in Ghana’s downstream petroleum sector as international market pressures continue to drive up fuel prices, declaring that “we are kind of ready” for the challenges ahead.
His comments come at a time when Ghana’s fuel market is facing renewed pressure from higher international prices for crude and refined petroleum products, with the NPA increasing the price floor for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre from September 16. LPG now has a floor price of GH¢10.97 per kilogramme.
Speaking on Joy News’ PM Express Business Edition on Thursday, Mr. Tamakloe said his preparation for the job has always included the possibility of major disruptions in the petroleum market. He said Ghana is largely dependent on imports for refined petroleum products, leaving the sector exposed to external shocks.
“Having to be the Chief Executive Officer of the downstream, I appreciated the fact that we are primarily import-dependent when it comes to refined petroleum products,” he said. “So, I’ve always been ready for the potential for turbulence.”
‘Leadership in Good and Bad Times’
Mr. Tamakloe, who was appointed by President John Dramani Mahama in January 2025, said managing such pressures has been part of his orientation since taking charge of the sector. “It’s been part of the orientation that I’ve had personally, that you are going to lead or take charge of an industry that is largely subject to turbulence at any time that exogenous or external factors change,” he said.
He said effective leadership requires a response whether conditions are favourable or difficult. “What I believe is that leadership in this particular instance, there are issues, and we believe that in good or bad times, you need to have a leadership response to both sides.”
The NPA boss said the Authority has been dealing with the current turbulence since February. “And so, I would say that we are kind of ready, and from February till now, we’ve been trying to manage the turbulence, manage the storm,” he said. He acknowledged the pressure facing the sector but said the response so far had been positive. “And the management so far has not been bad at all.”
Nearly GH¢1 Billion Spent to Cushion Consumers
Mr. Tamakloe disclosed that the government has spent nearly GH¢1 billion to cushion diesel consumers against the sharp rise in international petroleum prices, preventing the full increase from being passed on to motorists. He said without the government’s intervention, diesel could currently be selling at about GH¢28 per litre at the pump.
The international price of diesel increased from US1,519 per metric tonne, representing almost a doubling in the cost of the product. “A litre tonne of diesel, which used to cost US1,519. That’s almost twice the amount,” he said.
The government absorbed part of the increase through a GH¢2-per-litre intervention on diesel, effectively lowering the cost paid at the pump. Using a typical purchase of 10 litres as an illustration, the NPA CEO said consumers were effectively receiving GH¢20 in government support. “Today, if you go out to the pump and you buy 10 litres of diesel, what it means is that the Government of Ghana is directly putting GH¢20 in your pockets,” he said.
Six Weeks of Fuel in Reserve
Amid concerns about supply security, Mr. Tamakloe has assured that Ghana has enough petroleum products in stock to meet domestic demand for at least six weeks, with additional fuel shipments on the way. “Currently, we have not less than six weeks of cover. Not less,” he said.
He said the supply buffer is being supported by several vessels carrying petroleum products currently on the high seas and expected to add to Ghana’s stocks. The NPA boss also pointed to Nigeria’s Dangote Refinery as an additional development that could support petroleum supply in the West African market.
However, he identified fuel pricing as his main concern as international supply conditions tighten. He explained that three major factors influence fuel prices and availability in Ghana: the free-on-board (FOB) price, taxes, and the exchange rate. Because Ghana imports petroleum products, changes in global prices and fluctuations in the value of the cedi directly affect prices at fuel stations.
Import Dependence and Vulnerability
Ghana’s fuel market remains highly vulnerable to external shocks. The country and West Africa import over 80 per cent of refined petroleum products, with Ghana spending approximately US$3 billion annually on refined petroleum imports despite being a crude oil producer. Petroleum imports surged by nearly 37 per cent in 2025, while domestic refining accounted for only about 13 per cent of national demand.
The escalation of tensions in the Middle East on February 28, 2026, marked by the US-Israel confrontation with Iran and the resulting disruption of the Strait of Hormuz, sent shockwaves through global energy markets, with oil prices rising sharply. Fuel prices in Ghana have since risen by over 33 per cent since the beginning of the year, according to industry data tracked by JoyNews Research, placing sustained pressure on households and businesses recovering from the country’s worst economic crisis in a generation.
The cedi has also contributed to the pressure. The currency traded at about GH¢11.50 to the dollar in mid-September, with analysts projecting a range of GH¢10.95 to GH¢11.76 by month’s end. Year-to-date depreciation averaged 7.8 per cent against major foreign currencies as of May 2026, compared to 2.5 per cent over the same period last year.
Transport Fare Standoff
The fuel price increases have sparked a standoff with transport operators. The Ghana Private Road Transport Union (GPRTU) has maintained a proposed 30 per cent increase in transport fares despite the latest rise in fuel prices. The government’s GH¢2 per litre reduction in the cost of diesel had initially prompted a fresh assessment of the effect of fuel prices on transport operations, with GPRTU and the Ghana Road Transport Coordinating Council (GRTCC) suspending a planned fare increase in early September.
However, Mr. Tamakloe has flagged what he describes as “recalcitrant” transport operators raising fares arbitrarily. He said the NPA, together with the Transport Minister, has been engaging transport operators over the impact of fuel prices on their businesses. He also challenged operators to show evidence of higher operating costs, explaining that the international price of diesel had risen sharply from about $794 per tonne in February to approximately $1,519.
Learning from 2014–15 Crisis
Mr. Tamakloe also referred to the petroleum supply crisis of 2014–15 as an important lesson for the sector. He said the long fuel queues experienced during that period were not caused by an actual shortage of petroleum products but by what he described as an “artificial shortage” at some fuel stations. He stressed that the experience showed the need for stronger measures to protect Ghana’s petroleum supply chain.
“The goal is to ensure that external market pressures do not result in avoidable fuel shortages and disruptions in the country,” he said. The NPA has also put buffers in place to prevent fuel firms from holding Ghana to ransom, with the Authority saying it has adequate stocks despite growing concerns about tightening global supplies.
A Leadership Test
Mr. Tamakloe’s leadership of the NPA has not gone unnoticed. In June 2026, he was recognised with the Outstanding Public Leadership Excellence Award at the 10th Ghana CEO Summit for his “unwavering commitment to transforming Ghana’s downstream petroleum sector” since his appointment. A legal professional with an LLM in Natural Resources (Downstream Petroleum) from the University of Ghana, he previously served as Director of Legal Affairs for the National Democratic Congress and as a partner at Ayine & Partners Law Firm.
As international markets remain volatile, the NPA boss warned that further increases in crude oil and refined petroleum product prices could continue to feed into Ghana’s domestic fuel market, placing additional pressure on transport and logistics costs. For now, the Authority says it is ready for whatever turbulence lies ahead. But with transport operators pushing for higher fares, government spending on subsidies approaching GH¢1 billion, and global markets showing no signs of stabilising, the coming pricing windows will test the NPA’s resolve — and the patience of Ghanaians.
