Ghana says fuel supplies secure despite Middle East tensions
Ghana's petroleum regulator says the country has sufficient fuel reserves to cushion against any short-term supply disruptions, even as renewed tensions in the Middle East raise concerns over global oil markets.
The National Petroleum Authority (NPA) says Ghana has enough fuel stocks to withstand any short-term supply disruptions linked to escalating tensions in the Middle East.
The assurance comes amid growing concerns that a wider regional conflict involving major oil-producing countries could disrupt global oil supplies and push up fuel prices.
The statement also follows the government's recent decision to introduce a GH¢2-per-litre subsidy on diesel to ease the impact of rising petroleum prices on consumers.
Speaking on Accra based radio Joy FM on Thursday, the NPA's Director of Economic Regulation and Planning, Abass Tasunti, said maintaining a steady supply of petroleum products remained the regulator's foremost responsibility.
"Our topmost priority as a regulator is to ensure the availability of petroleum products at all times," he said.
Mr Tasunti warned that fuel shortages would have far greater consequences than rising pump prices, saying a disruption in supplies would have serious implications for businesses, transport and the wider economy.
His comments are intended to reassure consumers and businesses as uncertainty in global energy markets continues to fuel concerns over the security of petroleum supplies.
Ghana imports all of its refined petroleum products, making domestic fuel prices and supplies highly sensitive to developments in international oil markets. While the NPA says current stock levels are adequate, any prolonged disruption to global supply chains could still influence prices in the coming weeks.