The National Petroleum Authority (NPA) has assured consumers that the government is working to stabilise the cedi to curb the rising fuel prices. Recent increases in petrol, diesel, and LPG prices are attributed to the cedi’s depreciation against the US Dollar.
At the Ghana Downstream Awards, NPA Chief Executive Officer, Dr. Mustapha Abdul Hamid explained that fuel prices are driven by supply and demand. He stressed on the importance of stabilising the economy and consuming locally-made products to strengthen the local currency.
“While the cedi keeps fluctuating, prices will go up. So, we will work hard, stabilise the economy, the cedi gets strengthened, and the problems would be resolved,” Dr. Hamid stated.
Consumers have expressed concerns over frequent fuel price hikes. Currently, petrol and diesel sell for an average of GH₵15.10 and GH₵15.25, up from GH₵11.24 and GH₵11.26 in January.
Dr. Hamid said the Government’s Gold for Oil (G40) programme, which aims to reduce the demand for dollars for fuel imports, covers 30% of total fuel consumption. He noted that the programme’s impact would be more significant if expanded.
The Awards honored individuals and companies contributing to Ghana’s petroleum sector. Special Recognition Awards were given to Former President John Agyekum Kufuor, Dr. Kwabena Donkor, and others. Companies such as GOIL and Star Oil were also celebrated.
Energy Minister Herbert Krapa praised the awardees for their dedication and commended the NPA for maintaining high regulatory standards. Madam Doris Addison Sefa, the longest-serving female tanker driver, expressed her joy at receiving an award, highlighting the challenges she overcame in a male-dominated field.
