The Chief Executive Officer of the Chamber of Bulk Oil Distributors, Patrick Kwaku Ofori, has assured that Ghana will not face any immediate fuel shortages, despite growing concerns over fuel taxes and supply levels.
Speaking on Top Story on Joy FM on Wednesday, March 18, Dr. Ofori said the country’s petroleum supply remains stable, largely due to strong private sector participation following the deregulation of the industry.
His comments come amid calls by the Minority in Parliament for the government to scrap the 1 Ghana cedi fuel levy, arguing that it is placing an undue burden on citizens already struggling with high living costs.
Concerns have also been raised about Ghana’s reported seven-week fuel reserve and whether it constitutes a national buffer or private stock. Dr. Ofori clarified that the majority of these reserves—especially diesel—are held by private entities, mainly Bulk Distribution Companies (BDCs), on behalf of the country.
“If diesel is seven weeks, almost 90% of that is held on behalf of the country by private entities,” he explained. He added that local production currently accounts for about 30 percent of daily domestic consumption, further strengthening supply security.
While he guaranteed product availability, Dr. Ofori noted that pricing remains outside local control and is heavily influenced by global market dynamics.
“For product availability, we can guarantee that, but the price we cannot. That is determined by international prices,” he said.
He further explained that even locally refined petroleum products are linked to global crude oil benchmarks, with rising crude prices and increasing premiums—particularly for shipments to West Africa—pushing costs higher.
Dr. Ofori also outlined how national fuel stock levels are calculated, noting that figures are compiled daily after terminal operations close and submitted to regulators to guide import planning.
He disclosed that fuel cargoes scheduled for delivery between now and the end of April have all been confirmed, despite challenges such as high insurance costs and rising vessel charges.
“These agreements have been signed and firmed up, so the vessels will be heading into our waters,” he stated.
He reiterated that there is no immediate cause for concern, assuring that fuel supply remains secure even as global price fluctuations persist.
