{
  "id": 358701,
  "title": "COPEC calls for strategic fuel reserve to cushion Ghana against price shocks",
  "url": "https://urgent.news/2026/08/09/copec-calls-for-strategic-fuel-reserve-to-cushion-ghana-against-price",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-09T07:01:25.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/copec-calls-for-strategic-fuel-reserve-to-cushion-ghana-against-price-shocks/"
  },
  "original_language": "en",
  "account": "The Chamber of Petroleum Consumers (COPEC) has advocated for the creation of a strategic petroleum reserve to protect Ghanaian consumers from sudden spikes in fuel prices and potential supply interruptions. This reserve would enable the government to purchase and stockpile petroleum products when international prices are favorable, then release them onto the market when prices surge. By doing so, Ghana would have a buffer against global market fluctuations and reduce the impact of abrupt fuel price hikes on consumers. COPEC also suggested that some of the petroleum products processed by local refineries should be contributed to the reserve to gradually establish the country's stock. The proposal follows recent surges in petroleum prices, with diesel increasing from approximately GH¢14 to GH¢16 per litre, and reaching nearly GH¢20 per litre within a short time frame. COPEC emphasized the necessity for Ghana to develop a long-term approach to managing international market volatility instead of solely resorting to interventions after prices have already risen. The organization proposed that between five and ten percent of products processed by local refineries could be set aside to build the strategic stock. The Executive Secretary of COPEC, Duncan Amoah, stated that the reserve could be utilized during periods of extreme price increases or when international supply disruptions prevent fuel shipments from reaching Ghana. He also welcomed the government's recent decision to lower the diesel price by GH¢2 per litre but stressed that such measures should complement, not replace, a comprehensive strategy for managing fuel price volatility.",
  "summary": "The government should consider establishing a strategic petroleum reserve to shield consumers from sudden increases in fuel prices and possible disruptions to supplies, the Chamber of Petroleum Consumers (COPEC) has proposed.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}