National Petroleum Authority and Tema Oil Refinery Bolster Operations as Global Fuel Prices Surge

Ghana’s fuel market is facing renewed pressure from rising international oil prices, prompting the National Petroleum Authority (NPA) to implement new price floors for petrol and diesel. Effective September 16, 2026, the NPA set the minimum price for petrol at GH16 per litre and diesel at GH16.77 per litre. NPA Chief Executive Officer Godwin Edudzi Tamakloe noted that the country’s heavy reliance on imported refined petroleum products leaves it vulnerable to global market fluctuations. Despite these challenges, Tamakloe emphasized that the NPA has been proactively preparing for this market turbulence since February 2026, asserting that the authority’s management of the situation has remained effective in mitigating the sharpest impacts of the price surge.

In a parallel effort to stabilize the domestic energy sector, the Tema Oil Refinery (TOR) is working to rebuild its financial and operational standing under the leadership of Managing Director Edmond Kombat. During a recent visit by Parliament’s Energy Committee, Kombat highlighted that the refinery is successfully restoring trust among Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs). By ensuring greater accountability for stored products and improving handling processes, TOR has seen a significant increase in storage requests and internally generated funds. These revenues are currently being utilized for essential maintenance and to settle outstanding obligations, including unpaid terminal benefits for former employees.

Expanding on long-term energy security, the Ghana National Petroleum Corporation (GNPC) and GNPC Explorco are advancing preparations for the first exploratory well in the onshore Voltaian Basin. A joint delegation recently inspected the proposed well site in Chegu, located within the Mion District. Infrastructure development is set to begin with the construction of a 13.5-kilometre access road to transport heavy drilling equipment. This exploration campaign is a critical step in assessing Ghana’s hydrocarbon potential, which remains vital as global supply remains volatile, evidenced by recent production drops in Libya after an armed group shut down a major pipeline valve at the Al-Sharara oil field.

The convergence of these developments highlights a dual strategy of immediate market management and long-term resource exploration. While the NPA navigates the current ‘storm’ of international price hikes, the revitalisation of TOR and the move toward inland oil production signal a broader commitment to energy independence. Moving forward, the success of these initiatives will depend on sustained operational integrity and transparent communication with local communities, particularly in the Voltaian Basin, as Ghana seeks to insulate its economy from the unpredictability of the global oil market.