If Ghanaians have anything to worry about on the impact of the ongoing Middle East crisis on the country’s energy sector, it should be how prices of fuel can remain stable and not the availability of the products.
At least, there is the assurance that Ghanaians will not queue to buy the product or rush in search of fuel since supply is assured, at least for about 10 weeks ahead.
However, what cannot be guaranteed is the prices. Adviser to the Minister for Energy, Dr. Yussif Sulemana, says the rising global oil prices could soon place pressure on pump prices.
Speaking in an interview on Citi FM, monitored by The High Street Journal, the adviser assured that the country is not facing an immediate shortage of petroleum products. According to him, the more pressing concern for policymakers is not the availability of fuel but whether Ghana can keep prices stable if global crude oil prices continue to surge due to the ongoing conflict.
“We are not immediately threatened by supply dependability or supply availability of the products. What we are immediately threatened would be the price. Are we able to maintain the price? That is a big question that we are all looking at,” he assured.
Dr. Sulemana revealed that government agencies are working closely with the National Petroleum Authority (NPA) to ensure steady supply while monitoring developments in the global oil market.
He indicated that Ghana currently has enough petroleum shipments scheduled to guarantee supply for several weeks.
Aside from the already existing stock in storage, which can supply the country for about 5 to 6 weeks, he revealed that there are additional vessels ready to discharge fuel products into the country, which could extend supply coverage to about 10 weeks or more.
This buffer, he noted, provides some breathing room for authorities as they assess the evolving geopolitical situation.
To further strengthen supply security, Ghana is also expanding sourcing options within the West African subregion.
One key development is the growing engagement with the Dangote Refinery in Nigeria, which has emerged as an alternative supply hub for petroleum products in Africa.
Dr. Sulemana described the refinery as a timely advantage for the continent. “Dangote has been a given; it has been a godsend at this moment,” he noted, explaining that its location within Africa offers logistical advantages compared to distant global suppliers.
However, he was quick to caution that fuel sourced from the refinery will still reflect international market conditions.
“Dangote has been a given. It has been a godsend at this moment in time. It’s within the African continent. But what I’ll say is that Dangote is not pricing lower because they are within Africa or they are within our subregion. They are not subsidised for us. That’s not going to be the case.
They are also going to price on the market basis,” the Adviser to the Minister emphasized.
With these strategies, the government is confident that Ghana can reasonably guarantee fuel availability in the short term; the trajectory of global oil prices remains the biggest uncertainty.
The adviser warned that if the Middle East conflict intensifies and disrupts global oil supply chains, crude prices could rise sharply, eventually pushing up fuel prices domestically.
He notes that if the global escalation continues, that is the credible trigger that could drive a strong rally in oil prices.
For now, Ghanaian motorists and businesses can be assured that the government says it can guarantee that fuel will remain available, but it can’t guarantee lower prices.
