Fadi Mitri, the Head of Africa for petroleum giant PUMA Energy, has emphasized the importance of Ghanaians paying fair market prices for fuel in order to guarantee a constant supply of petroleum products in the country.
Ghana's government has been implementing policy measures, such as the gold-for-oil deal, to enhance the country's energy security due to liquidity challenges and depleting foreign reserves.
However, such measures alone may not be enough to meet all of Ghana's petroleum needs, leading to the potential for disruption in fuel supply. Speaking during a recent visit to Ghana, Mitri highlighted PUMA Energy's long-standing presence and significant investment in the country, stating, “we've been in Ghana for over 15 years and we are certainly one of the largest energy investors in the country. We've invested over the last ten years $450 Million.”
On the issue of ensuring a constant supply of petroleum products, Mitri argued that “the answer to that from PUMA's perspective is that what can ensure that supplies reliably arrive in Ghana is that Ghanaians are always able to pay the fair market price for the supplies.”
He went on to explain that the deregulation of the fuel market in Ghana allows for price fluctuations, but the currency must also be allowed to fluctuate based on market conditions.
Unfortunately, the Institute for Energy Security (IES) has predicted a seven to 13 per cent increase in the prices of petrol, diesel, and Liquefied Petroleum Gas (LPG) starting February 1, 2023, for the next two weeks.
This means petrol is expected to sell for about GH¢15 per litre, while diesel will go for over GH¢17 per litre. The IES attributes the price hike to the sharp depreciation of the cedi over the past two weeks and rising international fuel prices as observed on the global S&P Platts platform.