The Head of Research at the Chamber of Petroleum Consumers (COPEC), Paul Erick Ofori, has advocated the purchase of crude oil for local refineries in Ghana’s local currency, saying the move would significantly reduce production costs and ultimately lower petroleum prices.
According to Mr. Ofori, paying for crude oil in cedis rather than foreign currencies would ease the cost burden on local refineries, enabling them to refine petroleum products at a lower cost.
He explained that reduced production costs would translate into more affordable fuel prices for consumers, while also reducing the country’s reliance on foreign exchange for crude oil purchases.
Mr. Ofori noted that the policy would strengthen local refining operations and improve the competitiveness of Ghana’s petroleum industry. He argued that supporting local refineries through such measures could help stabilize fuel prices and enhance the country’s energy security.
The COPEC Head of Research further stressed that buying crude oil in the local currency would be a strategic step toward building a more resilient downstream petroleum sector, reducing operational costs, and delivering long-term benefits to consumers.
He made the remarks while discussing measures aimed at reducing fuel prices and improving the efficiency of Ghana’s petroleum industry.
CREDIT: KISSI CHRISTABEL