The National Petroleum Authority (NPA) has said the country holds sufficient crude oil reserves to meet domestic fuel demand for at least two months, even if global supply is disrupted by geopolitical tensions in the Middle East.
Speaking in an interview on TV3 on Monday, Acting NPA Chief Executive Godwin Edudzi Tamakloe said Ghana has made contingency plans in the wake of rising instability following a U.S. airstrike on Iranian nuclear facilities over the weekend.
“In the event that we don’t get any crude inflows, we have enough stock in the country to last for at least two months,” Tamakloe said.
His comments come amid growing fears that Iran could shut down the Strait of Hormuz—a critical maritime chokepoint through which about one-fifth of the world’s daily oil supply transits. The strait, which separates Iran from Oman, connects the Persian Gulf to global markets. Any closure would severely impact international crude flows and push prices higher.
Oil markets reacted sharply to the weekend’s developments. Brent crude initially spiked more than 5% on Sunday, reaching a five-month high of $81.40 a barrel, before retreating slightly. By Monday morning, Brent was trading up 1.2% at $77.94 per barrel.
Ghanaian officials are closely monitoring the situation, concerned about how further escalation could affect fuel prices and availability domestically.
Already, the conflict has prompted Ghana’s government to suspend indefinitely a planned GHC1 fuel levy, aimed at raising revenue for the country’s energy sector. Industry stakeholders warn that volatility in global oil prices could have knock-on effects across transportation, energy, and inflation-sensitive sectors.
Mr. Tamakloe emphasized the NPA’s readiness to manage potential disruptions but acknowledged the broader market risks. “This is a global issue with local consequences,” he said. “We are prepared, but no country is completely immune to shocks of this magnitude.”
Source:TheDotNews