NPA Implements Safeguards to Prevent Fuel Supply Manipulation in Ghana
The National Petroleum Authority (NPA) has introduced measures to prevent private fuel companies from exerting control over petroleum supplies.
In Brief
- •The National Petroleum Authority (NPA) has introduced measures to prevent private fuel companies from exerting control over petroleum supplies.
- •Ghana currently has adequate fuel stocks, with at least 6 weeks of cover, and significant volumes of petroleum products on vessels en route.
- •The NPA has raised the price floor for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre.
- •Concerns about fuel supply disruptions have been dismissed, with efforts by exporting countries to bring additional suppliers into the market.
- •The NPA's enabling law, Act 691, encourages private sector participation in the downstream petroleum sector.
Why It Matters
The measures implemented by the NPA are crucial for maintaining fuel security and stability in Ghana. Ensuring adequate fuel supplies and preventing manipulation by private companies are essential for the country's economic stability and national security. The NPA's actions aim to avoid past incidents like the 2014-15 fuel queues and ensure that the private sector's influence does not pose a risk to the national economy.
Key Details
- Fuel Stock Cover
- At least 6 weeks
- Petrol Price Floor
- GH¢16 per litre
- Diesel Price Floor
- GH¢16.77 per litre
- Enabling Law
- Act 691
Context & Background
The National Petroleum Authority (NPA) was established to regulate and oversee the petroleum sector in Ghana, ensuring the availability and stability of fuel supplies. The NPA's enabling law, Act 691, encourages private sector participation in the downstream petroleum sector to foster competition and efficiency.
Original Reporting & Sources
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