A growing tension within Ghana’s oil sector has sparked accusations that some Bulk Oil Distribution Companies (BDCs) are intentionally creating fuel shortages to profit from the anticipated price hike set for March 16, 2026.
Oil Marketing Companies (OMCs) are speaking out against BDCs, claiming that the shortage is a calculated move to create artificial scarcity, positioning themselves to benefit from the significant increase in petroleum prices expected at the pumps next Monday.
Several OMCs have reported that BDCs have stopped supplying them with fuel, effectively hoarding products in preparation for the price spike. This has led to a situation where smaller companies, relying on cash-and-carry purchases, are being forced to buy at inflated prices.
On the ground, reports from various oil marketing firms reveal difficulties in loading petroleum products due to operational issues, particularly over the weekend. Some firms have expressed concern over how these disruptions could impact the availability of fuel moving forward.
When contacted, the Chamber of Oil Marketing Companies confirmed the current market difficulties and stated that they are working closely with regulators to resolve the issues.
Star Oil Confirms Shortages But Denies Hoarding Intentions
Star Oil, one of the larger players in the sector, has issued a statement acknowledging product shortages at its service stations. However, the company denied any involvement in hoarding, attributing the shortages to a malfunction in the GRA ICUMS system, which hindered their ability to load fuel over the weekend. Star Oil emphasized that this issue has affected other companies as well, further exacerbating the situation.
Star Oil also expressed concern that the disruptions could continue to affect operations in the days leading up to the price increase, especially considering their high sales volumes, which make them more susceptible to shortages.
Price Hike on the Horizon
The looming price increase, driven by rising international crude oil prices, is expected to significantly impact consumers when the new prices take effect on March 16. Experts predict this could be one of the largest price hikes seen in recent years, largely attributed to global developments in the Middle East.
Industry stakeholders, including oil marketing firms, are already calling for a revision of government levies to mitigate the impact on consumers. With the sector facing operational challenges and a major price spike just around the corner, the situation remains tense as industry players and regulators work to address the concerns.
