Bulk Oil Distribution Companies in Ghana say they have resolved to closely work with the government to prevent consumers from bearing the full impact of the current global energy crisis triggered by tensions in the Middle East.
The Chamber of Bulk Oil Distributors (CBOD) says its members are prepared to cooperate with government and regulators to ensure that fuel prices remain fair and that consumers are protected from opportunistic pricing.
Chief Executive Officer of CBOD, Dr. Patrick Kwaku Ofori, revealed in an interview with Citi FM that many Bulk Distribution Companies are already pushing for urgent engagement with policymakers to find workable solutions.
Industry Seeks Urgent Meeting with Government
According to Dr. Ofori, several members of the chamber who currently hold significant fuel stocks have asked him to arrange a meeting with John Abdulai Jinapor, the Minister for Energy and Green Transition.
The goal of the meeting, he said, is to discuss practical steps that could cushion consumers from the ripple effects of rising international oil prices.
“As I speak to you, almost all members who hold a chunk of the product have asked me to meet the minister so we can arrange ways to cushion consumers,” he said.
Commitment to Fair Pricing
Dr. Ofori stressed that BDCs do not want a situation where oil marketing companies exploit the crisis to raise prices unfairly.
He said the industry is determined to ensure that petroleum products are sold based on the prices at which they were procured rather than taking advantage of global tensions to inflate prices.
One of the solutions under consideration involves strategic product swaps with GOIL PLC, Ghana’s leading indigenous oil marketing company.
According to Dr. Ofori, many distributors are willing to channel products through GOIL because they believe the company maintains fair pricing practices that protect consumers.
The idea, he explained, is to ensure that when fuel reaches filling stations, it reflects the actual cost at which it was purchased.
Industry and Government Collaboration
The CBOD boss emphasised that the industry is ready to meet the government halfway in implementing policies that keep fuel supplies stable while protecting consumers.
With global oil markets reacting to geopolitical tensions involving the United States, Israel, and Iran, Ghana’s downstream petroleum sector faces growing pressure.
However, the latest commitment from BDCs suggests industry players are willing to cooperate with the government to maintain stability in the local fuel market.
For consumers, the industry is prepared to work with the government to prevent the crisis from turning into unnecessary hardship.
