Ghana's fuel supply secure, but prices remain uncertain - Bulk Oil Distributors
Patrick Kwaku Ofori, Chief Executive Officer of the Chamber of Bulk Oil Distributors, assured on Wednesday, March 18, on Joy FM's Top Story that Ghana will not face any immediate fuel shortages. Dr. Ofori said the country's petroleum supply remains stable, largely due to the strength of private sector participation following the deregulation of the industry.
Dr. Ofori explained that the bulk of the reserves, particularly diesel, are held by private entities, mainly Bulk Distribution Companies (BDCs), on behalf of the country. He said, "If diesel is seven weeks, almost 90% of that is held on behalf of the country by private entities," adding that local production currently accounts for about 30 per cent of daily domestic consumption. He stated that while fuel availability is guaranteed, pricing remains beyond local control and is heavily influenced by global market conditions. He said, "For product availability, we can guarantee that, but the price we cannot. That is determined by international prices."
Dr. Ofori disclosed that fuel cargoes scheduled for delivery between now and the end of April have all been confirmed. He reiterated that there is no cause for concern over fuel availability in the coming weeks, assuring that supply remains secure even as global price fluctuations persist.
Quick Summary
The Chamber of Bulk Oil Distributors has addressed growing concerns about Ghana's fuel supply. Fuel taxes and supply levels are in question - but what does this mean for the average Ghanaian?
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