The National Petroleum Authority (NPA) has assured consumers that the government is working towards the stabilization of the Cedi to halt the spike in fuel prices.

The downstream petroleum regulator said the recent increments in prices of petrol, diesel, and Liquefied Petroleum Gas had been triggered by “external factors” owing to the instability of the Cedi against the US Dollar.

Speaking to journalists at the maiden Ghana Downstream Awards and Gala Night over the weekend, Dr. Mustapha Abdul Hamid, Chief Executive Officer of the NPA, said under the deregulated regime, fuel prices were determined by the “forces of demand and supply.”

He said the performance of the Cedi was a major determinant of fuel prices at the pumps, adding that the stabilization of the economy, coupled with the consumption of locally-made products, would help reduce reliance on imports to strengthen the currency.

“While the Cedi keeps fluctuating, prices will go up. So we will work hard, stabilize the economy, the Cedi gets strengthened, and the problems will be resolved,” Dr. Hamid said.

Petroleum consumers have expressed concern over the repeated hikes in fuel prices in at least the last three pricing windows.

Currently, petrol and diesel are trading at an average of GHS 15.10 and GHS 15.24, respectively. In January this year, petrol sold for an average of GHS 11.24, while diesel traded at GHS 11.26 at the pumps.

Dr. Hamid said the government’s Gold For Oil (G40) Programme, an initiative aimed at reducing demand for dollars for fuel importation, accounted for about 30 percent of total fuel consumption, and thus consumers “will not really feel” its impact in stabilizing prices at the pumps.

He said the real impact of the Programme would be felt by consumers if the G40 was scaled up to cover the entire market demand.

Friday night’s awards ceremony honored distinguished individuals, institutions, and companies who have contributed immensely to the growth and expansion of Ghana’s petroleum downstream sector.

The sector encompasses all activities involved in the importation and refining of crude oil, as well as the sale, marketing, and distribution of refined petroleum products in the country.

The event, which climaxed the 2024 Ghana International Petroleum Conference (GHIPCon), was organized by the NPA in collaboration with the Ghana Chamber of Bulk Oil Distributors, the Association of Oil Marketing Companies, and under the auspices of the Ministry of Energy.

Notable among the personalities who received Special Recognition Awards were: Former President John Agyekum Kufuor; Dr. Kwabena Donkor, Former Minister for Power; Mr. John Dekyem Attafuah, first CEO of the NPA; Mr. Patrick Akorli, a former Managing Director of Ghana Oil Company Limited (GOIL); Mr. Vincent Kaledzi, Founder and CEO of Star Oil; Prof. Ivan Addae-Mensah, Former Vice-Chancellor of the University of Ghana; and Mr. Yaw Agyemang Duah, Founder of the Association of Oil Marketing Companies.

Among the institutions and companies that were celebrated at the event were: GOIL, Chase Logistics Limited, Geonergy Company Limited, Annandale Ghana Limited, Star Oil, Astra Oil Services, and J.K. Horgle Transport and Co.

Mr. Hebert Krapa, the Minister of State at the Ministry of Energy, commended the awardees for their dedication and service to the sustenance of the downstream sector and for ensuring quality service delivery and providing employment opportunities.

The Minister also applauded the NPA for ensuring high regulatory standards and adopting a system that rewarded professional excellence in the sector.

Madam Doris Addison Sefa, who was awarded for being the longest-serving female tanker driver, could not hide her excitement as she mounted the rostrum in apparent tears of joy.

“Being a female tanker driver has been challenging because it is a male-dominated area. But with determination and discipline, I was able to break the barrier and achieve my dream,” she told journalists after the event.