The National Petroleum Authority (NPA) has assured Ghanaians that the country has sufficient fuel stocks to withstand potential disruptions to global petroleum supplies amid escalating tensions in the Middle East.
The assurance comes as concerns grow over the potential impact of conflict involving major oil-producing countries on global crude oil prices, petroleum supplies and domestic pump prices.
It also follows the government’s recent announcement of a GH¢2-per-litre intervention on diesel prices after another round of increases in petroleum prices.
Speaking on JoyNews’ PM Express Business Edition on Thursday, the NPA’s Director of Economic Regulation and Planning, Abass Tasunti, said ensuring the continuous availability of petroleum products remains the regulator’s primary concern.
“Our topmost priority as a regulator is to ensure availability of petroleum products at all times,” he said.
Mr Tasunti explained that fuel shortages would have a far more disruptive effect on the economy than price increases, making supply security a critical component of the NPA’s regulatory mandate.
He said the authority continuously plans the country’s fuel supply chain by balancing domestic production with imports to maintain adequate stocks.
“Our priority has always been to ensure that petroleum products are always available. We always have a plan that ensures that we balance domestic production with imports to ensure there’s adequate stock,” he said.
Ghana has over five weeks of petrol and diesel
Providing an update on the country’s current fuel reserves, Mr Tasunti disclosed that Ghana has a little over five weeks of average stock for both petrol and diesel.
“In terms of actual stocks, we have a little over five weeks average for both petrol and diesel today,” he stated.
He, however, cautioned against interpreting the figure as a fixed stock that is gradually being depleted, explaining that new supplies are continuously added to the system.
“Whenever we say we have a little over five weeks or a little over four weeks, as an example, it doesn’t mean that we are consuming that and nothing else is adding up,” he explained.
According to him, fuel imports are continuing without interruption, with vessels regularly arriving to discharge petroleum products.
“As we speak right now, the vessel is discharging products. We never actually have free time at the facilities that discharge the petroleum products,” he said.
He added that the NPA uses a structured import planning system known as the Line-up Programme to coordinate incoming supplies and ensure that stocks are replenished before they fall to critical levels.
Local refining adds to supply security
Mr Tasunti also highlighted the contribution of domestic refining to Ghana’s fuel security.
He noted that local refining operations have continued consistently, providing an additional source of petroleum products as global supply conditions remain uncertain.
He said the refinery has been operating continuously and “has not stopped production since last year July.”
The NPA believes the combination of local refining, scheduled imports and continuous discharge of petroleum products will help insulate Ghana from potential supply disruptions resulting from the evolving geopolitical situation in the Middle East.
For now, the regulator says Ghana’s fuel supply remains secure, with more than five weeks of petrol and diesel stocks available while additional supplies continue to arrive.
