“When Cabinet and Parliament Approve Cedi Payments, Fuel Prices Will Fall” – TOR MD

According to a report by TV3 Ghana on 26th October 2026, the Managing Director of the Tema Oil Refinery (TOR), Edmond Kombat, has assured Ghanaians of lower fuel prices once Cabinet and Parliament approve a proposal allowing the Ghana National Petroleum Corporation (GNPC) to accept cedis instead of dollars for crude oil purchases.

Mr. Kombat explained that TOR currently buys crude oil from GNPC in United States dollars. This arrangement, he indicated, exposes the refinery to foreign exchange pressures, which ultimately feed into the cost of refined petroleum products on the local market.

“TOR buys crude from GNPC in dollars. Ghanaians should expect lower fuel prices when Cabinet and Parliament approves for GNPC to accept cedis,” he stated.

The dollar-based payment system leaves the refinery vulnerable to currency fluctuations. When the cedi weakens against the dollar, the cost of procuring crude rises, and these increases are typically passed on to consumers at the pump. Allowing transactions in the local currency could reduce this exposure and bring greater stability to pricing.

Such a shift could also ease demand for foreign exchange, which has long been a source of pressure on the cedi, while strengthening the use of the national currency in the domestic energy value chain.

The proposed arrangement is not yet in effect. It requires approval from both Cabinet and Parliament, and the timeline for these processes has not been disclosed. Until then, the current dollar-based system remains in place.

The announcement signals a policy direction aimed at easing the burden on consumers and businesses, who continue to feel the effects of high transport and production costs linked to fuel prices.

Mr. Kombat’s remarks highlight the link between currency policy and the cost of living. If approved and properly implemented, the cedi-for-crude arrangement could be a significant step toward more predictable and affordable fuel prices. Ghanaians will be watching closely as Cabinet and Parliament consider the proposal.

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