The Abossey Okai Spare Parts Dealers Association says it will not be compelled to increase spare parts prices, despite the recent surge in petroleum costs linked to escalating tensions in the Middle East.

According to the Association, although higher fuel prices typically drive up transportation and operational expenses, dealers remain committed to shielding customers from immediate price hikes.

The Association cites the relative stability of the exchange rate and the recent cut in the monetary policy rate as key buffers that could help prevent upward adjustments.

Head of Communications for the Association, Takyi Addo, in an interview with Citi Business News, stated that while the impact of rising fuel prices may be felt, the industry is better positioned to manage potential shocks.

“Even though the impact will affect us, it shouldn’t affect us more than what has happened because you have already prepared. The NPA boss, Edudzi Tameklo, said we have petrol and diesel for the next six months.

“It means the government has done well. As a government, you should prepare because external forces can hit at any time,” he said.

When asked whether dealers would increase spare parts prices if fuel costs continue to rise, he responded emphatically: “No, no, no, because I believe in this administration. The dollar has been relatively stable, and we are monitoring developments and hoping the situation does not escalate.”

His remarks also follow assurances from the National Petroleum Authority that the country has adequate fuel reserves to sustain domestic supply.

Despite rising global crude prices and heightened geopolitical uncertainty, the Association insists it will prioritise consumer protection while closely monitoring market conditions before taking any decision on price adjustments.