The government has absorbed more than GH¢2 billion in petroleum-related costs to protect consumers from rising fuel prices triggered by tensions between the United States and Iran, Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Kudzo Tameklo, has disclosed.
The intervention, according to Mr Tameklo, is aimed at preventing international developments and disruptions to global oil supply from placing an additional financial burden on Ghanaian households and businesses.
Speaking at the 2026 NPA Consumer Week Celebration in Kasoa, he said the government, under the leadership of President John Dramani Mahama, had taken deliberate steps to cushion consumers against the impact of fluctuations in the international petroleum market.
He explained that tensions involving the United States and Iran, particularly concerns surrounding oil transportation through the Strait of Hormuz, had heightened uncertainty in the global energy market, with potential consequences for fuel prices.
Mr Tameklo said the government’s decision to absorb the additional costs was intended to ensure that consumers did not bear the full impact of the external pressures.
“The Government of Ghana, through the National Petroleum Authority, has so far absorbed a little over GH¢2 billion to make life better for our people,” he stated.
He further assured consumers that the government remained committed to introducing measures to protect them from external shocks and maintain stability in the domestic petroleum sector.
The disclosure highlights the government’s efforts to manage the effects of international oil market volatility on Ghana’s economy and limit the impact of rising petroleum costs on consumers.
