The Chamber of Bulk Oil Distributors (CBOD) has strongly denied claims that some of its members are hoarding petroleum products to benefit from an expected fuel price increase on March 16, 2026.
Speaking in an interview, the Chamber’s Chief Executive, Patrick Kwaku Ofori, described the allegations as unsubstantiated and unfair.
He said the claims are baseless and damage the reputation of the organisation and its members.
Dr. Ofori stressed that CBOD members are committed to operating their businesses ethically and maintaining fair competition within the industry.
He was responding to accusations that some Bulk Distribution Companies (BDCs) were deliberately holding back fuel supplies to create artificial shortages and take advantage of the anticipated price hike.
Meanwhile, some Oil Marketing Companies (OMCs) have also raised concerns that certain BDCs have significantly increased their prices.
They say this is affecting smaller OMCs that purchase fuel on a cash-and-carry basis, forcing them to buy products at much higher prices.
But Dr. Ofori pointed out that anyone in doubt could check from the National Petroleum Authority platform to see if trading has not happened over the past days”
“Looking at the current environment, it will be very difficult to actually hoard [fuel] because we the need the haulage for other business and other vessels to discharge products into the system”, the CEO added.
Dr. Ofori also explained that the banks and creditors are “on your neck for payment to be made on product supplied”.
On reports of sudden increase in prices of the various products supplied, Dr. Ofori denied, saying, the accusation is also unfounded.
This is because every player does to ensure that they remain competitive and minimise risk.
On outlook for prices at the pumps, the CEO assured that consumers will defiantly be asked to pay what pertains on the international market.
