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Crude Oil and Refined Products Market Review and Outlook The global market has largely recovered from the geopolitical tensions in June that hiked supply-risk premiums and disrupted the supply chain in June and July 2025. Crude and petroleum product prices rose sharply in June when Israel attacked Iran’s nuclear sites. The attacks led to retaliatory attacks from Iran and the involvement of the US. Crude prices surged significantly as a result, partially truncating the downward trend of petroleum prices since...
Read moreThe Chamber of Bulk Oil Distributors (CBOD) has laid flowers in honour of the eight gallant lives lost in the recent Ghana Armed Forces helicopter crash. The solemn tribute on Monday, August 11, was part of nationwide activities to mourn the deceased and stand in solidarity with their families. The nation has been in deep grief since August 6, when a Ghana Armed Forces Z-9 helicopter crashed, killing all eight people on board, including two cabinet ministers. In response, the...
Read moreThe Chamber of Bulk Oil Distributors (CBOD) extends its deepest condolences to the bereaved families, friends and the nation at large following the tragic military helicopter crash that claimed the lives of eight distinguished Ghanaians in line of national duty on Wednesday, 6th August 2025 in the Adansi Akrofuom District of the Ashanti Region. We mourn the loss of dedicated public servants and security personnel whose contributions to national development, governance, and peacekeeping will never be forgotten: Dr. Edward Omane...
Read moreCrude Oil and Refined Products Market Review and Outlook Heightened geopolitical tensions and hikes in supply-risk premiums resulted in a temporary surge in crude oil prices in June by about 13%. This was largely due to the impact of the Israel–Iran conflict that resulted in the Parliament of Iran threatening the closure of the Strait of Hormuz, which accounts for about 20% of the world’s crude oil loading. The Strait is a narrow channel approximately 30 miles wide between the Omani...
Read moreAmong the many factors that impact the operations and efficiency of Petroleum Service Providers (PSPs) in the Downstream Petroleum Sector of Ghana is inadequate infrastructure. Infrastructure is the backbone of the petroleum sector, especially given the sensitive nature of petroleum products. Although emphasis has always been given to the impact of international price volatilities of Crude oil and the Cedi/US$ exchange rates as the main causes of the constant hikes in prices of fuel at the pumps, little is known...
Read moreThe Chamber of Bulk Oil Distributors (CBOD) is urging government to prioritise the rehabilitation of critical petroleum haulage routes using proceeds from the GHS1 levy placed on every litre of fuel sold in the country. According to CBOD CEO, Dr. Patrick Kwaku Ofori, the poor condition of key transport roads—used to move petroleum products from coastal discharge terminals to inland depots—is contributing to high distribution costs, fuel inefficiencies, and rising pump prices. He is calling for the fuel levy to...
Read moreCrude Oil and Refined Products Market Review and Outlook The international market price of crude and petroleum products has resumed trending downwards after the ephemeral spike during the Israel–Iran conflict. Although global crude prices have been on a downward trajectory since the third Quarter (Q3) of 2024 due to the uncertainties in the global economy introduced by the US–China tariff war, the Israel–Iran conflict in June led to a sudden spike, which lasted till the ceasefire was agreed upon. Crude...
Read moreCrude Oil and Refined Products Market Review and Outlook The international market price of crude and petroleum products have been on a downward trajectory since third Quarter (Q3) 2024. The international market price of crude oil declined by about 12.13% on a year-on-year basis. Moreover, refined petroleum products including petrol, diesel, LPG, and kerosene have been on a sharp decline since the second window of February 2025. This downward trajectory is largely attributed to the uncertainties in the global economy...
Read moreThe Chief Executive Officer of CBOD, Dr. Ofori, has reassured Ghanaians that the country’s fuel supply is stable, with no risk of shortages in the near term. Speaking during an interview on TV3’s Business Focus, Dr. Ofori emphasised that, based on scheduled deliveries and current stock levels, there is no threat to the consistent availability of petroleum products across the country. “Based on expected deliveries and confirmed Laycan schedules, there is no threat to product availability. The public can rest...
Read moreThe Chamber has stated that fuel prices at the pump could have dropped significantly if inefficiencies in Ghana’s petroleum delivery system, particularly the management of Laycan schedules, were addressed. Speaking on TV3’s Business Focus, Dr. Ofori highlighted that the Ghanaian cedi has remained relatively stable and international fuel prices have not experienced major surges. Yet, domestic pump prices remain higher than necessary due to inefficiencies in the management of the petroleum supply chain, particularly the Laycan scheduling system, denying consumers...
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