The Deputy Chief Executive Officer of the Gaming Commission of Ghana, Lamtiig Apanga, has cautioned against the immediate removal of fuel price floors, warning that a rushed decision could destabilise fuel supply and hurt consumers in the long term.
Speaking on Channel One TV’s Breakfast Daily on Tuesday, he argued that while scrapping the price floor may appear beneficial in the short term, it risks opening the market to unhealthy competition that could eventually backfire on consumers.
According to him, removing the minimum pricing mechanism without careful consideration could lead to market distortions, including supply shortages, once oil marketing companies are unable to sustain operations under aggressive price undercutting.
Mr Apanga stressed that although consumers may enjoy temporary price reductions if the floor is removed, the long-term consequences could include fuel scarcity, which would ultimately push prices higher and undermine energy security.
He therefore called for a more measured approach, urging policymakers to prioritise stable fuel supply over short-term price gains, adding that the pricing framework should be reviewed carefully rather than dismantled hastily.
“We do not want to get to the point where we run out of fuel. At least, let us have a stable supply of fuel. I think we should take a second look at it and not rush into removing it.”
His comments come amid growing pressure from the Chamber of Petroleum Consumers (COPEC) for the National Petroleum Authority (NPA) to abolish the price floor stipulated in the 2024 petroleum products pricing guidelines.
