The National Petroleum Authority (NPA) has confirmed Ghana possesses at least six weeks of petroleum product reserves. This assurance directly addresses public concerns about potential fuel shortages and market stability. The NPA also noted significant volumes of petroleum products are currently on vessels heading to Ghana.
This declaration comes amidst increasing pressure on the downstream petroleum sector. Global crude oil and refined product prices have been rising steadily. Consequently, the NPA has adjusted the minimum price floor for fuel. Petrol now costs a minimum of GHS 16 per litre, while diesel is priced at GHS 16.77 per litre.
These price increases reflect broader international market trends. They also follow reduced fuel export volumes by BOST Energies to neighboring countries like Burkina Faso and Mali. This reduction was a response to the challenging global supply conditions. However, BOST maintains there is no immediate fuel shortage within Ghana.
Godwin Edudzi Tamakloe, the NPA Chief Executive, emphasized that price, not availability, is his primary concern. He dismissed fears of imminent supply disruptions. Mr. Tamakloe pointed to efforts by exporting countries to increase supply. He specifically mentioned the Dangote refinery as a new potential supplier for the region.
The NPA boss also addressed concerns about Ghana's reliance on private companies for fuel stocks. He explained that Ghana's downstream petroleum sector is designed to be private sector-led. This structure is mandated by Act 691, the NPA's enabling law. This law encourages participation from Bulk Distribution Companies and Oil Marketing Companies.
Mr. Tamakloe acknowledged the risk of private companies potentially exerting undue influence on the government. He stated that the NPA has implemented safeguards to prevent a repeat of events from 2014-2015. These measures ensure private entities cannot hold the country to ransom. President Akufo-Addo views this as a critical concern.
The NPA's proactive stance aims to maintain market stability and consumer confidence. It seeks to balance private sector involvement with national energy security. The authority continues to monitor global and local market dynamics closely. This vigilance is crucial for managing price volatility and ensuring consistent fuel supply for Ghana.