Expect Lower Fuel Prices’ – TOR MD Edmond Kombat Points to Cedi-Based Crude Oil Deal

The Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, has said that Ghanaians should expect lower fuel prices once Cabinet and Parliament approve a proposal for the Ghana National Petroleum Corporation (GNPC) to accept cedis instead of dollars for crude oil purchases.

Kombat’s statement points to a potential shift in how crude oil is procured, with the local currency replacing the US dollar in transactions involving GNPC. According to him, once the necessary approvals are secured from Cabinet and Parliament, this change could translate into reduced fuel prices for consumers.

The remark suggests that the use of cedis for crude oil purchases could ease some of the cost pressures that feed into fuel pricing. By reducing reliance on dollars for these transactions, the arrangement may help cushion the impact of exchange rate fluctuations and lower the overall cost of bringing fuel to the Ghanaian market.

Kombat’s comments also indicate that the proposal is still subject to approval by the executive and legislative branches of government. Until Cabinet and Parliament give their endorsement, the anticipated benefits to consumers will not materialize. His statement therefore sets expectations while acknowledging the procedural steps required before any price reduction can occur.

The prospect of lower fuel prices is likely to be welcomed by Ghanaians, who have long contended with the high cost of fuel and its ripple effects on transportation, food prices, and the broader cost of living. Kombat’s remarks place the cedi-based crude oil purchase arrangement at the center of efforts to bring relief to consumers, and his comments will be closely watched for signs of progress in securing the needed approvals and delivering on the promise of cheaper fuel.

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