PRESS 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 the various fuel depots dotted across the country since the first window (1st – 15th) in March 2026. BIDECs continue to honour supply commitments to Oil Marketing Companies (OMCs) based on respective contracts. The data from the National Petroleum Authority’s (NPA) Enterprise Relational Database Management System (ERDMS) database shows product distribution is ongoing and loading patterns consistent with past trends.
The publication suggesting that we are placing commercial profit interest above our patriotic responsibility is most unfortunate.
As an industry, we are engaging with all stakeholders, including the Ministry of Energy and Green Transition (MoEGT), to mitigate the effect of the current world market price surge on the average consumer.
As key players in the downstream petroleum sector, we would like to assure all stakeholders, especially consumers, that we will continue to conduct business in a fair and responsible manner.
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Signed
Patrick Kwaku Ofori, Ph.D
CEO, CBOD
