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The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick K. Ofori, participated as a speaker at the Argus West Africa Oil Forum held in Accra on March 10, 2026, where he delivered a presentation on sustaining the region’s refined petroleum products supply chain. In his presentation, Dr. Ofori highlighted the growing demand for petroleum products across West Africa, driven by population growth, urbanisation, and expanding industrial activity. He noted that, despite this increasing demand,...
Read moreOn March 3, 2026, the Chamber of Bulk Oil Distributors (CBOD) paid a courtesy visit to the Chamber of Oil Marketing Companies (COMAC) as part of ongoing efforts to deepen industry engagement and strengthen collaboration within Ghana’s downstream petroleum sector. The CBOD delegation was led by its Chief Executive Officer, Dr. Patrick K. Ofori, and a delegation from: Richard Kissi, Head of Finance and Industry Operations; Angela Osei-Badu, Member Relations and HR Manager; Ebenezer Yidana, Research Officer; Evelyn Asare, Corporate...
Read moreCrude and Refined Products Price Review and Outlook International prices of crude oil have surged significantly due to the ongoing US/Israel-Iran war in the Middle East, despite the decision by the International Energy Agency (IEA) and the G7 countries to release a record volume of oil stockpiles to help mitigate potential supply disruptions. Crude oil prices, in particular, surged to their highest level since 2022, reaching approximately US$120/bbl at the peak of the tensions before moderating to an average of...
Read morePRESS RELEASE CBOD’s Response to Claims of Petroleum Product Hoarding Accra, Ghana – March 9, 2026 – The Chamber of Bulk Oil Distributors (CBOD) has taken note of reports of Bulk Import, Distribution and Export Companies (BIDECs) hoarding fuel in anticipation of an increase in prices at the next pricing window, which commences on 16th March (the second pricing window of March). These claims are categorically false and mischievous to say the least. BIDECs have been supplying products at...
Read moreCrude and Refined Products Price Review and Outlook International crude oil prices are higher by about 15.66% since January, with benchmark prices surpassing USD70/bbl for the first time in seven months. Crude oil prices at the global market rose significantly from USD61.74/bbl in January 2026 to an average of USD71.41 in the current window. This significant surge is attributable to the global geopolitical uncertainties driven by escalating tensions between the Trump’s administration and Iran, following protests in several Iranian cities...
Read morePRESS RELEASE COMAC and CBOD Condemn Illegal Diversion of LPG Fund—Strike Action Imminent February 18, 2026 – Accra, Ghana The Chamber of Oil Marketing Companies (COMAC) and the Chamber of Bulk Oil Distributors (CBOD) categorically condemn and are appalled by the alleged unlawful diversion of funds from the LPG Fund to the Ghana Cylinder Manufacturing Company (GCMC). This action constitutes a flagrant breach of statutory mandate, a dangerous sabotage of national energy policy, and an unacceptable betrayal of public trust....
Read moreCrude and Refined Products Price Review and Outlook International crude oil prices increased by about 5.19% in the 27th January to 11th February 2026 pricing window, with benchmark prices surpassing USD70/bbl for the first time in seven months. The increase was largely driven by escalating tensions between the Trump’s administration and Iran, following protests in several Iranian cities over economic challenges and subsequent U.S. allegations of human rights violations against protesters. Additionally, sanctions by the US and EU on Russian...
Read moreCrude and Refined Products Price Review and Outlook The averages of the international market prices of refined petroleum products in the 12th to 26th January 2026 pricing window are the applicable price benchmarks used in pricing petroleum products from 1st to 15th February 2026 in Ghana. International benchmark prices during the period recorded a marked increase for crude oil and refined petroleum products. This upward trend has been linked to escalating tensions between the United States and Iran, triggered by...
Read moreCrude Oil and Refined Products Market Review and Outlook Global crude oil prices fell sharply in 2025 driven by economic and geopolitical factors that affected demand and supply dynamics in the international market. As a result, average crude oil prices declined by about 14% in 2025 from an average of USD81.03/bbl in 2024 to an average of USD69.70/bbl in 2025. On the supply side, some of the various factors that contributed to the decline in crude prices in 2025 included...
Read moreThe Ghana Chamber of Bulk Oil Distributors (CBOD) has released the 2024 Ghana Petroleum Industry Report, its annual flagship publication offering in-depth analysis of Ghana’s upstream and downstream petroleum sectors. The report serves as a key reference for industry players, policymakers, academics, and business leaders, supporting informed decisions on investment, policy, and sector development. The 2024 edition focuses on upstream petroleum developments and downstream market dynamics. It situates Ghana's petroleum industry within a broader global context, recognising the influence of...
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