US oil reserve depletion could push up fuel prices in Ghana - SEMPA
Sustainable Energy and Mines Projects Advocacy (SEMPA Africa) has warned that Ghana could face higher fuel prices if another major disruption hits global oil markets, following a sharp decline in the United States Strategic Petroleum Reserve.
The energy sector civil society group said the US reserve, which serves as an important buffer during global supply disruptions, is now at its lowest level in more than 40 years.
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According to a statement issued on August 24, 2026, the group said the development was a concern for Ghana given the country’s dependence on imported fuel.
It noted that about seven out of every 10 litres of fuel sold in Ghana are imported, making local pump prices highly sensitive to changes in international oil prices.
“Because domestic petroleum prices broadly track international benchmarks, that premium reaches Ghana quickly,” the group said.
SEMPA Africa further cited data from the US Energy Information Administration showing that the Strategic Petroleum Reserve held about 293 million barrels of crude oil in the week ending August 14, 2026.
This represents about 41% of its authorised 714-million-barrel capacity and the lowest level since December 1982.
SEMPA Africa said the reserve was reduced further after 172 million barrels were released in March following Iran’s move to restrict tanker traffic through the Strait of Hormuz.
The group stressed that the low level of the US reserve does not mean Ghanaian fuel prices will rise immediately.
However, it warned that global markets now have less capacity to absorb another supply shock without triggering a sharp increase in prices.
“The US reserve drawdown has barely registered in local conversation, but it is exactly the kind of external development that ends up at the fuel pump in Accra and Kumasi within weeks,” SEMPA Africa said.
The group called for greater cedi stability, fiscal discipline, increased domestic refining capacity and stronger strategic fuel reserves to cushion Ghana against external shocks.
“Ghana cannot control America’s emergency stockpile. What we can control is how prepared our own pricing system and reserves are for the volatility this signal is coming,” the group said.
ANAS/MA
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