Amid ongoing fuel price reductions sparked by an intense rivalry between GOIL and Star Oil, Ghanaians are enjoying a rare respite at the pumps. However, experts caution that without far-reaching reforms, the gains could be short-lived.
The price war set the tone for a robust debate on the Citi Breakfast Show (CBS) on Citi FM on Tuesday, January 20, 2026, hosted by Bernard Avle with panelists Richard Dela Sky, Caleb Kudah, and Francisca Kakra Forson.
The discussion examined the implications of deregulation, the need for a fuel price floor, and growing calls for comprehensive regulatory reform in Ghana’s petroleum sector, with the current price war described as a potential turning point for lasting transformation.
Spotlight on Regulatory Disarray
Panelists on the Citi Breakfast Show highlighted persistent disarray in the downstream petroleum sector, linking erratic pricing trends to weak supervision. As GOIL and Star Oil engage in a fierce price battle—pushing petrol prices below GH¢12 per litre in some areas—the discussion underscored how deregulation has empowered private players while exposing consumers to market volatility.
“This price war exposes the frailties of a loosely regulated framework,” Francisca Kakra Forson observed. “We require robust regulation to curb predatory tactics that might cripple smaller players and guarantee stability for all Ghanaians.”
Critiquing the Bulk Oil Distributing Companies System
A major focus of criticism was the Bulk Oil Distribution Companies (BDCs) system, which panelists described as inefficient and detrimental to national energy security. Host Bernard Avle argued that BDCs, largely focused on importation and distribution, offer little in terms of long-term energy efficiency.
“They are not the answer,” he stressed. “Rather, we must shift towards domestic refining. Let TOR – the Tema Oil Refinery operate as intended. A fully functional refinery is vital for reducing import dependence and stabilising prices.”
The panel insisted that TOR’s revival must go beyond rhetoric, urging decisive action to address chronic underutilisation and operational challenges.
Pushing for Investments in TOR
Building on this, the panelists called on TOR management to prepare a memorandum to the presidency advocating mandatory investments by BDCs into the refinery’s infrastructure. They described the price war as a wake-up call.
“This skirmish reveals the vulnerabilities of our import-dependent model. By redirecting BDC funds into TOR, we can secure its longevity, create jobs, and cut costs through local processing,” one panelist noted.
Such a move, they argued, would transform BDCs from mere distributors into strategic partners in refining, drawing lessons from the current market disruption.
Sparking a National Dialogue on Refining
The Citi FM discussion also urged authorities to use the price war as a catalyst for a nationwide conversation on oil refining, with the goal of making fuel even more affordable for consumers. Panelists advocated policies that favour local production, including incentives for refinery expansion and the possible introduction of a fuel price floor to prevent unsustainable price drops that could collapse operators.
They cited global examples where domestic refining has strengthened economies and shielded citizens from price volatility.
Global Exemplars of Successful Refining
Saudi Arabia was cited as a leading example, with Saudi Aramco’s massive refineries, such as the Ras Tanura complex, processing millions of barrels daily. Domestic refining has enabled the kingdom to export high-value products, generate substantial revenue, and maintain price stability despite global market shocks.
Closer to home, Nigeria’s Dangote Refinery, the world’s largest single-train refinery, was highlighted as a compelling African success story. Once heavily reliant on fuel imports despite being Africa’s top oil producer, Nigeria now refines much of its crude locally, saving billions in import costs, boosting foreign exchange reserves, and creating jobs across related industries.
Transformative Benefits on Reviving TOR
“Refining our own oil transcends mere economics; it’s about sovereignty,” Bernard Avle added, tying these examples to Ghana’s situation. A fully revived TOR could slash fuel import costs by up to 30 per cent, create thousands of skilled jobs, and shield consumers from global price swings.
Beyond cheaper and more reliable fuel, a robust TOR could stimulate downstream industries such as petrochemicals, strengthening energy security and broader economic growth.
Public Enthusiasm and Demands
Listeners flooding the Citi Breakfast Show lines expressed enthusiasm over the price cuts but demanded more sustained action. While many welcomed the relief, others called for continuous reductions and greater transparency in fuel pricing. The feedback reinforced public support for reforms and renewed calls for government intervention to sustain the benefits beyond the current price war.
Urgent Call for Reconfiguration
The consensus on the Citi Breakfast Show was clear: Ghana’s petroleum sector urgently needs reconfiguration. Stronger regulation, a shift away from BDC dominance towards refinery investment, and the full optimisation of TOR are critical to leveraging the current price war for long-term gains.
By compelling BDCs to support TOR’s revival and driving a national conversation on local refining, policymakers can deliver affordable, stable fuel prices with far-reaching economic benefits.
For many Ghanaians grappling with rising living costs, these proposals offer a pathway to meaningful relief. As energy policy debates intensify, the Citi Breakfast Show, airing weekdays from 6:20 a.m. to 10:00 a.m. on Citi FM, continues to shape the national conversation on governance and public policy.
