We never stop receiving fuel – NPA explains why Ghana’s stocks keep growing

The National Petroleum Authority (NPA) of Ghana has explained why the country's petroleum stocks continue to grow despite uncertainties in the global oil market. The regulator assures consumers that fuel availability remains its top priority, even as the government rolls out a ¢2 per litre cushioning on diesel to ease the burden on consumers amidst increasing petroleum prices.

Speaking to JoyNews’ PM Express Business Edition, Abass Tasunti, Director of Economic Regulation and Planning at the NPA, emphasized that ensuring fuel availability is the regulator's primary responsibility. Tasunti stressed that if fuel were not available, consumers would likely be more concerned about the price at the pump. He argued that the impact of a shortage on the economy would be far greater than the cost of fuel itself.

Tasunti explained that the NPA carefully plans its supply chain to balance domestic production with imports to avoid shortages. This strategic approach ensures that Ghana maintains adequate stock levels of petroleum products. Currently, Ghana has over five weeks’ worth of petrol and diesel in its reserves. However, Tasunti clarified that this figure does not mean the country is consuming existing stocks without replenishment. Fuel imports continue almost continuously, constantly replenishing supplies at the facilities.

The regulator's efforts are bolstered by local refining, which has maintained consistent production since last July. This local production plays a crucial role in Ghana's fuel security, contributing to the nation's ability to maintain healthy petroleum stocks.