Deputy Ranking Member of Parliament’s Energy Committee, Collins Adomako-Mensah, has disclosed that the committee is preparing to hold an emergency meeting with key players in the energy sector over the possible impact of the Middle East conflict on oil prices in Ghana.
Speaking in an interview with JoyNews, Mr Adomako-Mensah said the meeting is expected to take place early this week, following rising tensions involving the US, Israel, and Iran.
“My chairman has just intimated to me that it’s likely we are going to have an emergency meeting with the power players,” he said.
“We are going to meet officials from the industry, the EPA and the Minister of Energy, probably by Tuesday or Wednesday.”
According to him, the committee wants technical experts to explain how the conflict could affect Ghana’s fuel supply and prices.
“They are the technical people. They should explain to us what the implications are, although we have a fair idea that it’s going to lead to some price increases,” he noted.
Mr Adomako-Mensah said the situation has revived discussions around Ghana’s domestic refining capacity, particularly the operations of the Tema Oil Refinery.
He expressed optimism that the refinery, which has recently resumed limited operations, could play a key role in cushioning the country against supply shocks.
“I’m excited that TOR is now running, even though not at full capacity,” he said. “We have to have serious policy discussions with our producers. We produce oil in Ghana, so what do we do in situations like this?”
He called for urgent talks with local oil producers to explore the possibility of refining more crude oil locally to ensure a steady supply.
“Can we, as a matter of urgency, meet them to see whether we can quickly refine some of it here in Ghana so we can be assured of supply?” he asked.
The MP said the planned meeting will bring together officials from the Ministry of Energy and other regulatory bodies to brief the committee on the potential economic and energy implications of the conflict.
“These are policy directions that must be taken by the ministry,” he stressed. “It’s likely we’ll meet officials and the Ministry of Energy on Wednesday for them to throw more light on the matter.”
For Ghana, which relies heavily on imported refined petroleum products, any sharp increase in global prices could translate into higher fuel costs, transportation fares, and general living expenses.
Mr Adomako-Mensah said the committee’s engagement is aimed at helping policymakers prepare early and protect consumers from the worst effects of possible price shocks.
