Avoid Hasty Removal of Fuel Price Floor – Lamtiig Apanga Warns Government

The Deputy Chief Executive Officer of the Gaming Commission of Ghana, Lamtiig Apanga, has advised the government to exercise caution in any plans to abolish the fuel price floor, cautioning that a rushed move could disrupt fuel supply and negatively affect consumers over time.

Speaking on Channel One TV’s Breakfast Daily on Tuesday, Mr Apanga explained that although eliminating the price floor may seem attractive in the short term, it could expose the market to unhealthy competition, with serious long-term consequences for consumers.

He noted that removing the minimum pricing structure without thorough assessment could distort the fuel market, potentially leading to supply challenges if oil marketing companies are forced to operate under unsustainable price cuts.

According to him, while consumers might initially benefit from lower fuel prices, the eventual outcome could be fuel shortages, which would drive prices up and threaten the country’s energy stability.

Mr Apanga therefore called for a cautious and well-considered approach, urging authorities to focus on ensuring consistent fuel supply rather than pursuing short-lived price reductions. He emphasised that the current pricing framework should be carefully reviewed instead of being hastily scrapped.

“We must avoid a situation where fuel becomes scarce. Maintaining a stable supply is crucial, so we need to reconsider the issue carefully rather than rushing into removal,” he stated.

His remarks come at a time when the Chamber of Petroleum Consumers (COPEC) is mounting pressure on the National Petroleum Authority (NPA) to eliminate the fuel price floor outlined in the 2024 petroleum products pricing guidelines