Key industry players allay fears over fuel shortage

The Chamber of Oil Marketing Companies (COMAC) has allayed fears over an imminent fuel shortage in Ghana.

It gave an assurance that there is no cause for alarm despite reported incidents of fuel shortage in some parts of the country, including the national capital Accra.

The assurance comes at the back of a similar assurance from the National Petroleum Authority (NPA) over reports of petrol shortage in the Northern Region.

In a statement signed by the Industry Coordinator, the COMAC clarified media reports that misrepresented comments by the Chief Executive Officer of COMAC, Dr Riverson Oppong, over a looming fuel crisis.

It stressed that any risk of fuel shortage had been effectively mitigated.

Clarification

COMAC explained that Dr Oppong’s remarks were meant to update stakeholders on a temporary reduction in petrol stock due to operational factors, including the suspension of refining activities at the Sentuo Oil Refinery.

“We assure the public that this is not a looming fuel shortage as adequate supplies are currently available at the ports, with additional volumes expected to further cushion the market”, the statement mentioned.

It said the current stock of petrol was sufficient to cover approximately three weeks of national demand.

“Additionally, ongoing import plans show that vessels are actively discharging fuel, with more waiting at anchorage to offload.

“This proactive import strategy has helped stabilise supply and eliminate any immediate risks of shortages,” the statement further said.

NPA

Earlier in the week, a statement issued by the NPA said following reports of pockets of shortage of petrol in the northern part of the country, the Technical Committee on Energy set up by the Chief of Staff met on January 10, 2025, to discuss modalities to resolve the issue.  

It said the logistical challenge identified was being comprehensively resolved using a three-pronged approach.  

Arrangement

The first approach is that Oil Marketing Companies (OMCs) were granted a special dispensation to load petrol from the Bulk Oil Storage and Transportation Company (BOST) depot in Kumasi to serve retail outlets in the five regions in the northern part of the country.  

Another arrangement is that OMCs are being granted a special dispensation to load more petrol from depots in Tema to augment what is being loaded from Kumasi to serve retail outlets in the five regions in the northern part of the country.  

Arrangements have also been made in collaboration with BOST, to move nine million litres of petrol in the pipeline between the Buipe and Bolgatanga depots into storage in Bolgatanga to immediately serve retail outlets in the five regions in the northern part of the country.  

The statement said the three-pronged solution was being implemented concurrently to immediately address the issue.  

"Consequently, we wish to encourage the consuming public to go about their normal business and avoid panic buying.  

"The NPA wishes to reassure Ghanaians of adequate fuel stocks in the country and there are vessels lined up to discharge products into the country," the statement said.