The Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tamaklo, has indicated that escalating fuel prices could prompt high-level governmental intervention, potentially reaching the Presidency, if the situation persists.
Speaking on PM Express on Joy News, Mr Tamaklo explained that authorities are closely monitoring global market trends but warned that prolonged pressure may necessitate broader discussions at ministerial or presidential levels.
“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,” he said.
“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,” he added.
The NPA boss highlighted a potential threshold that could accelerate firmer action, noting that crude oil prices exceeding $120 per barrel would likely firm up such conversations.
His remarks come amid rising concerns over fuel price volatility, driven by fluctuations in global crude oil prices, which continue to exert pressure on households and businesses across Ghana.
When asked whether sharp increases would be fully passed on to consumers, Mr Tamaklo acknowledged the hardship on the average Ghanaian but emphasised the President’s personal concern about the issue.
“In the past few days, the President had been generally concerned about prices. He has been greatly concerned, that I can tell you,” he stated.
“And so, if there is anything in the rulebooks on how to mitigate the impact on the average Ghanaian, the President will not hesitate at all. I mean, his record is there.”
The comments reflect growing anxiety over the economic implications of sustained high fuel costs, including potential knock-on effects on transportation, food prices, and overall cost of living.
While no immediate policy intervention has been announced, Mr Tamaklo’s statements suggest that the government is prepared to consider measures to cushion consumers should the upward trend in global oil prices continue unchecked.