Govt to deploy automated dispensers under 24-hr economy initiative

The government will deploy automated fuel dispensers for selected petroleum retail outlets as part of the initial phase of the 24-hour economy initiative in the downstream petroleum industry. 

The measure is to ensure the continuous operation of businesses, storage and depots to support the industrial sector.

This is part of various aspects of the downstream petroleum value chain being explored by the government through the National Petroleum Authority (NPA) alongside a comprehensive implementation plan to facilitate the rollout of the 24-hour economy initiative within the petroleum sub-sector.

The acting Chief Executive Officer (CEO) of the NPA, Godwin Kudzo Tameklo, made this known at the opening of the maiden downstream dialogue by the Chamber of Oil Marketing Companies (COMAC) in Accra yesterday. 

24-hour economy

Mr Tameklo said the downstream petroleum sector comprehensive plan was part of a commitment to ensure fair pricing and strict adherence to industry standards, which is in alignment with the vision of the President to reset and transform the sector while operating 24-hour economic solutions.

On the initiative, the NPA CEO said the President knew exactly what he was about, and that the government strongly believed that it could start with a conversation within the downstream petrol sub-sector.

Dialogue

The dialogue was designed to bring together key stakeholders in the downstream petroleum sector to discuss pertinent issues, share insights, and develop actionable strategies for industry growth and sustainability. the two-day forum which is being held on the theme: "Ghana's downstream oil and gas sector: Challenges and opportunities," will host several sessions with speakers and panellists to make presentations on various topics.

Pivotal role

Mr Tameklo stated that the country's petroleum downstream played a pivotal role in providing significant infrastructure and assurance for energy security.

Minister’s concerns

The Minister of Energy and Green Transition, John Abu Jinapor, stated that the contribution of an effective and efficient petroleum downstream sub-sector to the country's economic growth could not be overemphasised.

He said the petroleum downstream industry in Ghana had been a critical backbone of the nation's energy landscape, evidenced by the increase in petroleum consumption from about 1,445 kilotons of oil in the year 2000 to the current figure of about 4,600.

"Our energy needs continue to rise, and as we operate in a few regulated markets, structural inefficiencies, regulatory and fiscal challenges, market constraints within the value chain become a major problem that contrasts these challenges to inevitable ???

Can also present opportunities for us to come up with some innovative ideas towards ensuring that the price at the pumps is managed effectively, and also ensure that we deliver value to the end user, consumer," he said.

Chamber’s mission

The CEO of COMAC, Dr Riverson Oppong, said the downstream dialogue seamlessly aligned with the mission of the chamber as an advocacy institution, representing the collective interests of all oil marketing companies (OMCs) and Liquified Petroleum Gas Marketing Companies (LPGMCs), working tirelessly to ensure a congenial business environment that supported efficiency, investment and innovation.

“We are committed to shaping the policies and regulations that govern the downstream sector. Central to our discussions is the need for policy development and regulatory reforms aimed at enhancing efficiency and driving sustainable growth.

“The implementation of the price deregulation, zoning, petroleum taxation, and the LPG Cylinder Recirculation Model, among others, remain key to ensuring growth, sustainability and profitability of stakeholders in the industry,” he added.