The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called on the government to establish a strategic fuel reserve to protect Ghana from sudden increases in petroleum prices and possible disruptions in fuel supplies.
Mr Amoah said Ghana needed to move away from short-term measures introduced whenever fuel prices rise and develop a long-term system that would enable the country to build stocks when petroleum products are relatively cheaper.
Speaking on Saturday, August 8, 2026, about the recent fuel price increment, he said a strategic reserve would provide the country with a buffer during periods of international price increases or disruptions to fuel supplies.
He proposed that the government purchase petroleum products when global prices are favourable, store them and release the stock onto the market when prices rise sharply
According to him, the approach would help reduce the impact of international market volatility on consumers while allowing the government to recover the money spent on purchasing the fuel.
Mr Amoah also suggested that a percentage of petroleum products processed by local refineries should automatically be allocated to the reserve.
“The refineries seem to be working now, but I would advocate again that 5%, 10% of what the refineries are processing now, put it in a strategic reserve buffer,” he said.
He explained that the reserve could become particularly useful if international fuel prices increase significantly or unexpected events prevent petroleum cargoes from reaching Ghana.
Mr Amoah cited the recent increase in diesel prices as evidence of the need for such a mechanism. He said diesel, which had previously sold for about GH¢14 to GH¢16 per litre, had risen to nearly GH¢20 within a relatively short period.
He warned that Ghana could face even greater pressure if global petroleum prices rise substantially or supply disruptions occur.
