The CEO of the National Petroleum Authority (NPA), Godwin Edudzi Tamakloe, has hinted that if the price of crude oil rises above $120 per barrel, the government could have to make important decisions.
He suggested that such a price level would lead to more in-depth policy talks at the highest levels of government, while speaking on PM Express on Joy News.
“Anything beyond maybe $120 per barrel for the world price of crude, then the conversations can be firmed up,” he said.
His remarks coincide with mounting worries about the unpredictability of fuel prices and how they affect consumers.
Before making any firm judgments, Mr. Tamakloe stated that authorities are now monitoring how international markets respond, emphasizing that some initiatives call for more extensive consultations.
“Some of these decisions require broader conversation, possibly ministerial or Presidential level. What we have is a window to study how the market will generally react, which will inform some of the decisions.
“If this becomes more extended, that one, I know that there will be a bigger conversation, just that I do not have the authority to make some disclosures now.”
When asked what guarantees consumers should expect regarding price stability, he said that any definite pledges would rely on how the world situation develops.
He admitted that local fuel costs would unavoidably be impacted by rising oil prices, raising worries about the direct effects on consumers.
He did, however, draw attention to the situation’s rising concern at the highest level of government.
“In the past few days, the President had been generally concerned about prices. He has been greatly concerned that I can tell you.”
Mr. Tamakloe went on to say that if needed, the government will intervene in accordance with its mission to protect consumers.
“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.”
