We are ready for the turbulence – NPA boss on Ghana’s fuel crisis

The CEO 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. 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. The NPA increased the price floor for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre from September 16. Some Oil Marketing Companies have since raised pump prices, with Star Oil pricing petrol at GH¢16.77 and diesel at GH¢17.77 per litre. 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 this exposure means the industry can face turbulence whenever external conditions change. “So, I’ve always been, you know, let me say, ready for the potential for turbulence.” Mr Tamakloe said managing such pressures has therefore 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, as it were, lead or take charge of an industry that is largely subject to, or, you know, will face turbulence at any time that exogenous or external factors change.” 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, as it were, manage the turbulence, manage the storm.” 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.” DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited. Tags:   Godwin Edudzi Tamakloe National Petroleum Authority's (NPA) Insurance cost has largely remained stable – NPA boss on transport fare pressure NPA boss flags ‘recalcitrant’ transport operators raising fares arbitrarily GPRTU fare hike put on ice after talks with government – NPA boss reveals I’m greatly worried – NPA boss on threat of higher transport fares We are largely import-dependent – NPA boss on Ghana’s fuel vulnerability Ghana’s fuel market is built for turbulence – NPA’s Edudzi Tamakloe explains why Several options being considered by government to cushion consumers against fuel price hikes – NPA Boss Diesel has nearly doubled in price – NPA boss explains why Ghana’s pumps haven’t followed NPA puts buffers in place to stop fuel firms holding Ghana to ransom My major concern now is price – NPA boss on fuel supply Source: MyJoyOnline