Petroleum imports hit $1 billion in six months

Ghana imported over 1.7 million metric tonnes of petroleum products in the first half of this year at the cost of over $1 billion.

The actual figures are 1,781,258.114 metric tonnes of petroleum products at a cost of $1,057,877,511.61, data from the National Petroleum Authority (NPA) has revealed.

Out of this, Bulk Oil Distributors (BDCs) imported 1,183,471.728 metric tonnes at a cost of $781,887,783.36, representing 66.48% while Bulk Oil Storage and Transportation (BOST) which has the primary responsibility of maintaining national strategic stock, imported 299,608.398 metric tonnes valued at $209,401.03, representing 16.82%. From the data, BOST is now actively involved in the importation and distribution of petroleum products, and has increased importation of refined products for sale from 189,346.50 metric tonnes, representing 10% in 2014 to 299,608.398 metric tonnes, representing 16.82% for the first six months of 2015.

With the NPA data, BOST supplied only 16.82% and not 80% as stated in some media publications.

However, it is clear BOST is posing stiff competition to BDCs and could make business difficult for the BDCs.

Tema Oil Refinery, Volta River Authority (VRA) Oil Trading Companies (OTC) imported the remaining 29, 8177.988 metric tonnes, representing 16.7%.

For the entire 2014, 3,678,049.650 metric tonnes of petroleum products were imported at a cost of $3,316,569,132.08.

Out of this, Bulk Oil Distributors accounted for 1,544,119.482 metric tonnes worth $1,624,472,485.113, representing 87.34%, while BOST imported the remaining 222,880 metric tonnes, representing 12.66%.

The breakdown are crude – 284,296.580 metric tonnes; fuel oil – 48,615.379 metric tonnes; gas oil – 1,742,070.009 metric tonnes; gasoline – 1,254,287.834 metric tonnes; LPG – 236,375.651; and ATK – 112,404.197 metric tonnes.

Between January and June 2014, total petroleum products imported was 1,768,000.166 metric tonnes at a cost of $1,689,080,626.177.

This year, the petroleum products imported in the first half of this year are crude oil – 197,616.704 metric tonnes; gas oil – 812,957.29 metric tonnes; gasoline – 582,968.498 metric tonnes; Liquefied Petroleum Gas (LPG) – 98,007.914 metric tonnes; and ATK – 43,118.709 metric tonnes.

The breakdown of crude oil imports for the first six months of 2015 are January – 61,133.130 metric tonnes; February – 34,083.862 metric tonnes; March – 40,013.620; no import in April; May – 44,756.493 metric tonnes; and June – 17,629.599 metric tonnes.

Gas oil imported during the period is made up of 132,665.626 metric tonnes for January; 87,351.832 metric tonnes for February; 111,717.090 metric tonnes for March; 154,264.210 metric tonnes for April; 201,104.201 metric tonnes for May; and 125,854.331 metric tonnes for June.

Total imports of gasoline comprised of January – 71,207.671 metric tonnes; February – 102,975.175 metric tonnes; March – 124,118.820 metric tonnes; April – 89,200.858 metric tonnes; May – 92,215.974 metric tonnes; and June – 103,250 metric tonnes.

The monthly import of LPG are January – 20,658.647 metric tonnes; February -17,708.096 metric tonnes; March – 13,484.091; April – 13,713.473 metric tonnes; May – 19,374.439 metric tonnes; and June – 13,069.168 metric tonnes.

The breakdown of Aviation Turbine Kerosene (ATK) imports comprise January – 12,422.972 metric tonnes; February no imports; March – 5,924.423 metric tonnes; no imports in April; May – 8,889.207 metric tonnes; and June – 15,882.107 metric tonnes.

January 2015 imports For January, 298,088.046 metric tonnes of products at a cost of $146,941,005.40 were imported.

The breakdown is: 61,133.130 metric tonnes of crude oil; 132,665.626 metric tonnes of gas oil; 71,207.671 metric tonnes of gasoline; 20,658.647 metric tonnes of LPG; and 12,422.972 metric tonnes of ATK.

A total of 242,118.965 metric tonnes of the petroleum products valued at $146,941,005.40 were imported in February this year.

It comprises 34,083.862 metric tonnes of crude oil; 87,351.832 metric tonnes of gas oil; 102,975.175 metric tonnes of gasoline; and 17,708.096 metric tonnes of LPG.

In the month of March, petroleum products worth 295,258.044 metric tonnes were brought into the country at a cost of $176,219,494.99.

The breakdown is: 40,013.620 metric tonnes of crude oil; 111,717.090 metric tonnes of gas oil; 124,118.820 metric tonnes of gasoline; 13,484.091 metric tonnes of LPG; and 5,924.423 metric tonnes of ATK.

For the month of April, 257,178.541 metric tonnes of petroleum products, which amounted to $169,142,506.38, were imported.

It is made up of 154,264.210 metric tonnes of gas oil; 89,200.858 metric tonnes of gasoline; and 13,713.473 metric tonnes of LPG.

In May, 366,340.314 metric tonnes of petroleum products valued at $226,499,461.98 were brought into the country.

It comprises 44,756.493 metric tonnes of crude oil; 201,104.201 metric tonnes of gas oil; 92,215.974 metric tonnes of gasoline; 19,374.439 metric tonnes of LPG; and 8,889.207 metric tonnes of ATK.

For June, petroleum products of 258,055.606 metric tonnes were imported at a cost of $188,298,218.48.

The breakdown is: 17,629.599 metric tonnes of crude oil; 125,854.331 metric tonnes of gas oil; 103,250 metric tonnes of gasoline; 13,069.168 metric tonnes of LPG; and 15,882.107 metric tonnes of ATK.