Gold-for-Oil policy responsible for stable petroleum prices – Hassan Tampuli

The former Deputy Minister for Transport, Hassan Tampuli, has credited the Gold for Oil policy introduced by the previous Nana Akufo-Addo administration for the current stability in petroleum prices.

Speaking during the debate on the 2025 budget in Parliament on Wednesday, March 19, the Gushegu MP argued that the initiative played a crucial role in reducing fuel costs for Ghanaians.

Mr Tampuli highlighted that before the implementation of the policy in 2022, fuel prices had surged to GH¢23 per litre, placing a significant financial burden on consumers.

However, he explained that the intervention of the Gold for Oil programme resulted in a remarkable drop in prices. Petroleum products now retail between GH¢13 and GH¢14 per litre, depending on the product.

“The Gold for Oil programme has been one of the main reasons why we still have this stability in the price of petroleum products.

“At some point in 2022, Mr Speaker, prices had gone up to GH¢23 per litre, and by the singular intervention of Gold for Oil, we have seen a remarkable drop in the prices to GH¢13, and currently, we are hovering around GHC13 and GHC14, depending on the product you are buying,” he stated.

Therefore, he urged the current National Democratic Congress (NDC) government to acknowledge the policy’s positive impact and commend the previous administration for implementing a measure that continues to benefit Ghanaians.

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