Fuel Price Relief Coming As Govt Holds Emergency Meeting With NPA, TOR, Sentuo, OMCs

The Ministry of Energy, under the direction of President John Dramani Mahama, has convened an emergency meeting to mitigate escalating fuel prices in the country.

Sector Minister, Hon. John Abdulai Jinapor, chaired the meeting which brought together key players in the petroleum downstream sector including the National Petroleum Authority (NPA), the two major refineries - Tema Oil Refinery (TOR) and Sentuo Refinery, two major Oil Marketing Companies - Star Oil and GOIL, the Bulk Oil Distribution Companies (BDCs), and the Chamber of Bulk Oil Distributors (CBOD).

Briefing the media after the meeting, the Chief Executive Officer of the NPA, Godwin Kudzo Tameklo, Esq., said far-reaching agreements had been reached to stabilize prices.

According to Mr. Tameklo, Sentuo and TOR have agreed to maintain the price at which they sell to BDCs at the last pricing window, as part of measures to cushion consumers.

"What we've agreed today is that Sentuo and TOR will maintain the price they sell to the BDCs at the last pricing window. The whole idea is that if we maintain the price sold to the BDCs from the two major refineries, we will be able to mitigate the escalating prices of petroleum products in the country," he said.

He disclosed that the Finance Minister has also graciously agreed to suspend the GH¢1 energy sector levy for the month of October.

"Put together, we will see prices not rising the way we had projected earlier," Mr. Tameklo assured.

He explained that without the interventions, diesel was projected to sell at GH¢22 per litre in the current pricing window, but with government's measures, it will now sell below GH¢20 at the pump.

The meeting was attended by the leadership of CBOD, including its chairman, who was present to commit to the arrangement.