A National Executive Committee Member of the National Democratic Congress (NDC), Wonder Victor Kutor, has called on the government to maintain the fuel price floor policy, arguing that it remains critical to ensuring stability in Ghana’s petroleum market.
He urged the government, through the National Petroleum Authority (NPA), to ensure that the price floor remains in place to properly guide the operations of Oil Marketing Companies (OMCs) while also offering long-term protection to consumers.
Speaking on Channel One TV’s Breakfast Daily on Thursday, January 22, he cautioned against allowing fuel prices to be determined solely by market forces, insisting that the government has a responsibility to regulate the sector in the broader public interest.
Mr. Kutor acknowledged that consumers may initially perceive the policy as unfavourable, particularly in light of claims by some OMCs that they can sell fuel at lower prices.
However, he warned that such short-term reductions could expose consumers to higher prices in the future if dominant market players later increase prices.
“Today, it may appear that consumers are benefiting because Star Oil says they can sell at a lower price, but what about tomorrow? If Star Oil decides to sell at a higher price, the same consumers will turn to the government, which is why a floor price is needed to maintain stability in the market,” he said.
Mr. Kutor’s comments come amid calls by Star Oil for the scrapping of the price floor, with the company proposing to sell petrol at GH¢9.50 per litre between 10:00 p.m. and 4:00 a.m. to support Ghana’s night-time economy.