President John Dramani Mahama has assured Ghanaians that there is no immediate risk of fuel shortages despite rising tensions in the Middle East, confirming that Ghana holds sufficient petroleum reserves to last for at least six weeks.
The Strategic Reserve Position
Speaking on Monday, President Mahama said Ghana’s Bulk Oil Storage and Transportation Company (BOST) holds full strategic reserves at its depots in Tema and Takoradi. The National Petroleum Authority has been instructed to publish weekly inventory data to assure consumers and industry of transparent supply conditions during the ongoing Hormuz shipping disruption.
Context — Why the Assurance Matters Now
Global oil markets have been whipsawed since the U-S blockade on Iranian ports and the renewed contestation of the Strait of Hormuz. Port-call data shows transits through Hormuz collapsed by roughly 85 percent from normal volumes, with major Western oil majors including BP, Shell, ExxonMobil and Total all pausing operations. For Ghana — a net importer of refined petroleum products — even short supply shocks can translate to pump-price volatility in 14 days or less.
Alternative Supply Lines
Mahama confirmed that contingency agreements with non-Gulf suppliers — including Nigerian refined stocks (via the Dangote Refinery) and European diesel imports — are in place and have been stress-tested over the past 10 days. The cedi’s roughly 40 percent year-on-year gain against the dollar is also materially cushioning Ghanaian consumers from the global oil shock, a point the Finance Minister has repeatedly highlighted.
The Pump-Price Outlook
Pump prices are expected to remain stable through the next two pricing windows. Government earlier absorbed GH₵2.00 per litre on diesel and 36 pesewas per litre on petrol in the current pricing window — forfeiting roughly GH¢200 million in revenue every two weeks to keep prices down. That intervention continues.
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