- Ghana Holds More Than Five Weeks of Fuel Stocks as NPA Moves to Calm Middle East Supply Fears
Ghana is holding more than five weeks of petrol and diesel stocks while maintaining continuous imports and domestic refining, giving the country a near-term buffer against possible disruptions to international fuel supplies as tensions in the Middle East raise fresh concerns over energy security and global oil prices.
The National Petroleum Authority has moved to reassure consumers and businesses that physical fuel availability is not under immediate threat, even as geopolitical risks increase the possibility of higher import costs, freight charges and pressure on domestic pump prices.
Abass Tasunti, Director of Economic Regulation and Planning at the NPA, said the country currently has slightly more than five weeks of average stocks for both petrol and diesel.
“In terms of actual stocks, we have a little over five weeks average for both petrol and diesel today,” Mr Tasunti said on JoyNews’ PM Express Business Edition.
The assurance comes at a delicate moment for Ghana’s economy.
Petroleum prices have risen in recent pricing windows, increasing costs for households, transport operators and businesses. Government has subsequently announced a GH¢2.00-per-litre cushioning for diesel in an attempt to reduce the immediate pass-through of international price pressures to consumers.
But the larger issue for policymakers is not only price.
A prolonged escalation in the Middle East could disrupt global production, shipping routes or refined-product flows, raising the risk that import-dependent countries face both higher prices and tighter physical supply.
For the NPA, avoiding an outright shortage remains the first priority.
“We keep saying at NPA that our topmost priority as a regulator is to ensure availability of petroleum products at all times, because trust me, if the fuel was not available in the first place, I’m not sure people would be more concerned about the price you are paying at the pump,” Mr Tasunti said.
“Your interest would be to ensure that you get the product, and you can imagine the chaos and the impact non-availability of petroleum products will have on the economy that we have today.”
That distinction is important.
The five-week stock figure should not be interpreted as a countdown towards depletion.
Petroleum inventories are continuously replenished as cargoes arrive and local refining adds to supply. The resilience of the system therefore depends not only on what is already stored, but on whether vessels keep arriving, importers can keep financing cargoes, terminals remain operational and refineries continue producing.
“Whenever we say we have a little over five weeks or a little over four weeks, as an example, it doesn’t mean that we are consuming that and nothing else is adding up,” Mr Tasunti said.
He noted that fuel deliveries were ongoing.
“As we speak right now, the vessel is discharging products. We never actually have free time at the facilities that discharge the petroleum products, so almost every time products have been discharged to add up to what we have, and that’s why we have what we call the Line-up Programme to plan our imports.”
That continuous replenishment may be more important than the headline reserve figure itself.
Strategic stocks can absorb a short disruption. They become less effective if supply routes are impaired for a prolonged period or if importers struggle to secure cargoes at affordable prices.
For Ghana, that means the more immediate macroeconomic danger may be price rather than scarcity.
A sustained increase in international crude and refined-product prices would lift the country’s fuel import bill and increase demand for foreign exchange.
That could put pressure on the trade balance and, depending on market conditions, the cedi.
Diesel is particularly important because it is embedded deeply in Ghana’s production and distribution system.
It powers commercial transport, haulage, construction equipment, generators and parts of the agricultural and industrial value chain.
A rise in diesel prices therefore rarely remains confined to filling stations.
Higher transport and operating costs can feed into food prices, logistics charges and broader business expenses, creating a path through which an external oil shock can become a domestic inflation problem.
That helps explain the government’s decision to introduce a GH¢2.00-per-litre diesel cushioning.
The measure can provide temporary relief, but if global oil prices remain elevated for an extended period, the cost of maintaining such support could become an issue for public finances.
The NPA is also relying on domestic refining as part of the country’s supply-security architecture.
“Our priority has always been to ensure that petroleum products are always available, so we always keep. That’s why we plan, and so we always have a plan that ensures that we balance domestic production with imports to ensure there’s adequate stock,” Mr Tasunti said.
He added that local refining has continued without interruption.
“As Dr Kwaku Ofori earlier said, we also have the refinery… refining consistently and has not stopped production since last year July.”
That domestic refining capacity could become increasingly important if international disruptions persist.
Local refining does not completely shield Ghana from global oil prices, particularly where crude feedstock itself is exposed to international markets.
But it can reduce dependence on imported finished products and provide greater flexibility in managing supply.
The combination of stocks, scheduled imports and domestic refining therefore gives Ghana multiple layers of protection against an immediate shortage.
Even so, the wider economic vulnerability remains. If Middle East tensions intensify and disrupt major shipping routes or global supply, Ghana could face higher freight costs, tighter access to refined products and renewed pressure on the exchange rate.
