GHANA SHOULD SOURCE PETROLEUM PRODUCTS FROM NIGERIA INSTEAD OF EUROPE

Energy expert Sampson Addae has urged the Government of Ghana to consider sourcing petroleum products from Nigeria's Dangote Refinery instead of importing from Europe, arguing that the move could help reduce fuel costs and improve supply efficiency. Speaking with Nhyiraba Kwabena Asirifi on "Ghana Nti "Morning Show on developments in the petroleum sector, Mr. Addae noted that the government had previously intervened to cushion consumers by removing GH¢2 from fuel prices at a time when crude oil traded at about $120 per barrel on the international market. He said although global crude oil prices had dropped significantly, recent geopolitical tensions, particularly the conflict involving the United States and Iran, have pushed prices upward from about $80 per barrel to approximately $92 per barrel. According to him, the increase in global crude oil prices is likely to result in higher fuel prices in Ghana from August 1 if the trend continues. Mr. Addae, however, stated that the government is closely monitoring developments in the global oil market and is expected to intervene should fuel prices rise excessively. He also disclosed that the government allocated one million barrels of crude oil to the privately owned Sentuo Oil Refinery in June and another one million barrels in July to refine for the domestic market. He said the refined products are intended for distribution to Bulk Distribution Companies (BDCs) and Oil Marketing Companies (OMCs) across the country. The energy expert further argued that Ghana could reduce transportation costs and improve fuel security by purchasing refined petroleum products from Nigeria's Dangote Refinery rather than importing from Europe, citing Nigeria's geographical proximity. Mr. Addae expressed optimism that fuel prices would gradually stabilize as global market conditions improve.