We’ll fix fluctuating fuel prices — John Jinapor

The Minister of Energy and Green Transition, John Abdulai Jinapor, has expressed concern over fluctuating fuel prices at the pump.

He said such happenings were impacting business operations and decision-making in the country.

To help address the situation, the minister said his outfit was in the process of constituting a petroleum downstream review committee with representation from key stakeholders in the sector to advise the ministry on the way forward.

Mr Jinapor, who was speaking at a two-day downstream dialogue 2025 by the Chamber of Oil Marketing Companies (COMAC) in Accra yesterday, said the committee’s recommendations would ultimately result in the formulation of a holistic downstream law to comprehensively regulate the downstream sector.

It would cover key areas such as refinery, distribution, marketing, price build-up and retail of petroleum products.

"And as you may be aware, we have written to most of the sector agencies and stakeholders to submit names of representatives so that together, we can brainstorm, consult, review and discuss solutions to make this sector better for all of us because price fluctuations affect businesses,” he said.

Mr Jinapor said that the government would pursue certain policies and programmes, especially at a cost level, particularly currency, to ensure a stable exchange rate regime.

Event

The dialogue is being attended by key stakeholders in the downstream petroleum sector who are discussing pertinent issues, sharing insights and developing actionable strategies for industry growth and sustainability.

The two-day event is on the theme: "Ghana's downstream oil and gas sector: Challenges and opportunities.”

There would be sessions where speakers and panellists such as the CEO of the National Petroleum Authority (NPA), Godwin Kudzo Tameklo, and the CEO of the Chamber of Bulk Oil Distributors (CBOD), Dr Patrick Ofori, would participate.

Others are the Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye; CEO of Institute for Energy Security (IES), Nana Amoasi VII; Co-Founder and CEO of Wahu

Mobility Limited, Valerie Labi; and Deputy Minister of Energy & Green Transition, designate, Richard Gyan-Mensah.

Topics discussed yesterday included policy development and regulatory reforms; promotion of local content and participation in the downstream petroleum sector, and navigating the energy transition in the downstream petroleum sector.

Significance

The Chief Executive Officer of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, said oil was the lifeblood of modern economies, driving industries, powering transportation and shaping the geopolitical landscape.

In 2023 alone, Dr Oppong said the downstream oil and gas sub-sector contributed approximately 8.4 per cent to the country’s Gross Domestic Product (GDP), underscoring the sector's importance in driving economic growth, creating jobs and ensuring energy security for the country.

He, however, said despite its significant contribution, the industry was facing some challenges that threatened its efficiency, growth and long-term sustainability.

“Our members, who are key players in this sector, continue to grapple with regulatory bottlenecks, policy inefficiencies, financing hurdles and evolving safety and environmental standards that demand urgent attention,” Dr Oppong said.

The Board Chairman of the Chamber of Oil Marketing Companies, Gabriel Kumi, added that “our industry stands at a critical juncture.

Yet, with these challenges come tremendous opportunities: opportunities to innovate, collaborate and establish strategic frameworks that will transform our downstream sector”.