The National Petroleum Authority (NPA) has assured Ghanaians that the country has more than five weeks of petrol and diesel in stock, amid growing concerns over possible disruptions to global fuel supplies caused by escalating tensions in the Middle East.
The assurance comes as fears mount over the potential impact of conflict involving major oil-producing countries on international crude oil prices and the availability of petroleum products.
It also follows the government’s recent announcement of a GH¢2-per-litre cushioning on diesel prices after another increase 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 availability of petroleum products remains the regulator’s primary concern.
“We keep saying at NPA that our topmost priority as a regulator is to ensure availability of petroleum products at all times,” he said.
Mr Tasunti stressed that fuel availability was more critical to the economy than the price consumers pay at the pump.
“Because trust me, if the fuel was not available in the first place, I’m not sure people would be more concerned about the price you are paying at the pump,” he explained.
“Your interest would be to ensure that you get the product, and you can imagine the chaos and the impact non-availability of petroleum products will have on the economy that we have today.”
He said the NPA continuously plans the country’s fuel supply chain to prevent shortages by balancing local production with imports.
“Our priority has always been to ensure that petroleum products are always available, so we always keep,” Mr Tasunti said.
“That’s why we plan, and so we always have a plan that ensures that we balance domestic production with imports to ensure there’s adequate stock.”
Providing an update on Ghana’s current fuel reserves, he disclosed that the country has more than five weeks of average stocks 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.
Mr Tasunti, however, clarified that the five-week stock figure should not be interpreted as a fixed quantity that Ghana will simply consume without replenishment.
“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, with vessels regularly arriving to discharge petroleum products and replenish existing stocks.
“As we speak right now, the vessel is discharging products,” he said.
“We never actually have free time at the facilities that discharge the petroleum products, so almost every time products have been discharged to add up to what we have, and that’s why we have what we call the Line-up Programme to plan our imports.”
He further pointed to local refining as another important factor supporting Ghana’s fuel supply.
“As Dr Kwaku Ofori earlier said, we also have the refinery… refining consistently and has not stopped production since last year July,” Mr Tasunti said.
He explained that the combination of continuous imports, local refining and structured supply planning is intended to maintain adequate fuel stocks and prevent shortages, even as uncertainty persists on the global petroleum market.
The NPA’s assurance is expected to ease concerns among motorists and businesses over the possibility of fuel shortages should tensions in the Middle East disrupt international petroleum supplies.
