Ghana has enough petroleum products in stock to meet domestic demand for at least six weeks, even as global fuel supplies come under pressure.

The National Petroleum Authority (NPA) said the country’s supply position remains secure, with more fuel shipments also making their way to Ghana.

Speaking on JoyNews, NPA Chief Executive Officer, Godwin Edudzi Tamakloe, said the country is not currently facing a supply crisis and does not expect one in the coming month.

“Currently, we have not less than six weeks of cover. Not less,” he said.

Cedi loses ground as dollar demand intensifies

He said the supply buffer is being supported by several vessels carrying petroleum products that are currently on the high seas and are expected to add to Ghana’s stocks.

The assurance comes at a time when disruptions in international oil markets have raised concerns about fuel availability and prices in several markets.

However, for Ghana, the NPA said the immediate risk is not running out of fuel but the effect of global market conditions on prices.

Tamakloe identified fuel pricing as his main concern as international supply conditions tighten.

The latest price adjustment has already pushed the NPA’s floor price for petrol to GH¢16 per litre and diesel to GH¢16.77 per litre, effective September 16.

LPG now has a floor price of GH¢10.97 per kilogramme.

The NPA’s position also comes after BOSTenergies reduced fuel exports to Burkina Faso and Mali. The company explained that the cut was mainly due to ongoing revamp works at its Bolgatanga depot and was not an indication of an impending fuel shortage in Ghana.

Chery names Ghana strategic market as Zonda Tec opens vehicle assembly plant

Tamakloe also pointed to Nigeria’s Dangote Refinery as an additional development that could support petroleum supply in the West African market.

With existing stocks covering at least six weeks and additional cargoes expected, the NPA said Ghana has a buffer against immediate supply disruptions, although international price movements remain a key concern.

DR/MA

Mahama’s New Car Loan Plan Could Make It Easier for Ghanaians to Own Cars