The Chief Executive Officer of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Kwaku Ofori, has warned that intense market competition is pushing bulk oil distributors to offload petroleum stock rapidly in order to limit financial exposure amid the global price volatility triggered by the Israel-Iran war.
Speaking on TV3’s KeyPoints with Alfred Ocansey on Saturday, April 4, Dr. Ofori identified price undercutting as a growing concern within Ghana’s downstream petroleum sector. He explained that as the competitive nature of the market intensifies, companies are under pressure to sell their stock quickly to minimise risk, particularly given the unpredictability of global crude oil prices since the conflict began.
The conflict at the centre of the crisis began on February 28, 2026, when the United States and Israel launched strikes on Iran. Iran’s subsequent closure of the Strait of Hormuz disrupted approximately 20 percent of global oil supplies, triggering what the International Energy Agency (IEA) has described as the largest supply disruption in the history of the global oil market.
Ghana has not escaped the pricing consequences. The National Petroleum Authority (NPA) raised mandatory minimum price floors for the April 1 to 15 pricing window, pushing petrol prices up around 15 percent to GH¢13.30 per litre and diesel up roughly 19 percent to GH¢17.10 per litre.
Despite the pressures, Dr. Ofori offered some reassurance on supply. Ghana’s fuel supply buffer is significantly more comfortable than Kenya’s, where Treasury Cabinet Secretary John Mbadi disclosed before a parliamentary committee on April 2, 2026, that the country holds only 16 days of petrol stocks. Dr. Ofori noted Ghana’s position, while not without strain, is measurably steadier.
Ghana, which has limited refining capacity, relies on imported refined products but is supplied by a range of producers including Russia. A tanker from Vysotsk is due at Tema on April 6, providing some near-term supply relief.
President John Mahama said the government was considering steps to cushion consumers, including reducing fuel margins and reviewing a recently imposed levy on petroleum products. Mahama separately confirmed on Saturday that he had called an emergency Cabinet meeting to decide on specific measures to stabilise petroleum prices.
