The National Petroleum Authority (NPA) has alleviated worries regarding a potential fuel shortage, assuring consumers that the nation possesses sufficient petroleum reserves despite the ongoing tensions in the Middle East.
Abass Ibrahim Tasunti, the Director of Economic Regulation and Planning at the National Petroleum Authority (NPA), minimised fears that the current conflict in the Middle East could interfere with Ghana’s supply of petroleum products.
He emphasised that the country has an adequate supply of fuel stocks, with further shipments anticipated.
Abass Ibrahim Tasunti also mentioned that operations at the Sentuo Oil Refinery are contributing to the enhancement of imports and bolstering domestic supply.
“We shouldn’t be scared. We have over five weeks of diesel and almost seven weeks of petrol, with the cargoes at anchorage waiting also to discharge to add to what we have. In addition to that, we also have our import plan for the quarter already extending into April.
“So there are already confirmed vessels that are going to come to Ghana to discharge. We have the Sentuo Oil Refinery, which is also producing and putting onto the market. Since June last year, they have been consistently producing.
“So they have become a very key supply source to our markets. They are also still producing and adding to our stocks that we have in time. With regards to LPG, the Atuabo Gas processing plant is also producing and adding to our stock level. So we should not have any fear or concern that this war will prevent us from having products to run the economy,” he said
Crude oil prices are on the rise due to disruptions in oil and gas transportation through the Strait of Hormuz, a crucial global energy route, amidst increasing regional tensions in the Middle East.
Prices are presently trading above $70 per barrel, a situation that may directly affect fuel pricing in Ghana.
Already, several Oil Marketing Companies (OMCs) have started to implement slight upward price adjustments in accordance with industry expectations for the current pricing period.
