The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has urged the government to prioritise strategic investment in the Tema Oil Refinery (TOR) as a long-term solution to Ghana’s recurring fuel price volatility.
According to Mr. Amoah, Ghana’s continued exposure to international fuel price fluctuations is largely due to inadequate investment in domestic refining capacity. He argued that strengthening TOR would reduce reliance on imported refined petroleum products and shield consumers from the full impact of global market swings.
“The government can decide to invest in TOR. Not long ago, news suggested TOR would help drive down prices.
“But as it stands, it is not receiving the support needed to remain sustainable.” Duncan Amoah stated
He explained that without substantial financial backing and modernisation, the refinery cannot operate at optimal capacity to meet domestic fuel demand.
This leaves Ghana dependent on international suppliers, whose prices are influenced by global crude oil trends, geopolitical tensions and currency movements.
“If we don’t make the right investment, we remain at the mercy of the international market. Whatever they dictate, Ghanaians will pay,” he added, underscoring the direct link between global oil dynamics and pump prices in Ghana.
Beyond refining capacity, Mr. Amoah emphasised the importance of exchange rate stability in managing fuel costs. Since petroleum products are largely priced in US dollars, any depreciation of the Ghana cedi directly increases the local currency cost of imports.
“The government should continue to strengthen the Cedi so that, despite global pressures, prices can be kept manageable, as was achieved in 2025.” said Duncan Amoah.
A stronger and more stable cedi, he argued, can cushion consumers even when international crude prices trend upward. Conversely, currency depreciation amplifies the impact of global price increases, leading to sharper adjustments at the pump.
His comments come at a time when projections indicate a fresh round of fuel price increases in the next pricing window.
Fresh Fuel Price Increases Loom
The Vaultz News reported that ex-pump prices for petrol, diesel and liquefied petroleum gas (LPG) are expected to rise in the upcoming pricing window. The projected increases stand at 1.97 percent for petrol, 2.73 percent for diesel and 3.26 percent for LPG.
The anticipated adjustments are attributed to a combination of cedi depreciation against major trading currencies and rising global petroleum prices.
These factors have continued to shape Ghana’s pricing outlook under the deregulated downstream regime, where pump prices reflect prevailing international benchmarks and exchange rate movements.
While the projected increments are relatively modest compared to previous sharp hikes, they nonetheless highlight the structural vulnerabilities within Ghana’s fuel pricing framework.
Energy analysts have long argued that revitalizing the Tema Oil Refinery could significantly reduce Ghana’s import bill for refined petroleum products. By processing crude oil domestically, the country could capture additional value within its supply chain and enhance energy security.
Mr. Amoah’s call for strategic investment aligns with broader industry concerns about the sustainability of relying heavily on external markets. With international crude prices often influenced by factors beyond Ghana’s control, strengthening domestic refining capacity offers a pathway toward greater resilience.
He reiterated that sustained capital investment, rather than intermittent interventions, is required to reposition TOR as a viable and competitive player in the sub-region.
Mr. Amoah’s appeal to government reflects a growing consensus that long-term solutions must go beyond short-term pricing interventions.
Investing in refining infrastructure and maintaining macroeconomic stability, particularly exchange rate management, are seen as complementary strategies for insulating consumers from external shocks.
For COPEC, the message is clear: without decisive investment and sustained economic stability, Ghana will continue to feel the full weight of global petroleum market forces at the pump.
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