Ghana: Fuel Retail Outlets Jump To 5,046 In 2023

Ghana has experienced a significant increase in the number of fuel retail outlets across the country within the last nine years.

Over the last eight years, fuel retail outlets have increased from 3,038 in 2015 to 5,046 in 2023, representing a 66 per cent growth.

According to the 2023 Ghana Petroleum Industry Report published by the Chamber of Bulk Oil Distributors (CBOD), the productivity of these stations took a nose dive despite the quantum jump in the number of stations.

The report noted that the retail outlet productivity increased by two per cent from 2018 to 2019.

However, the report said there was a significant drop in retail outlet productivity by 22 per cent in 2020 before increasing marginally by four per cent in 2021.

In 2022, the report mentioned that retail outlet productivity declined by five per cent but picked up in 2023, increasing by 14 per cent in 2023.

The report attributed the rise in productivity to sales volumes of Oil Marketing Companies in 2023.

In 2023, Ghana’s gross consumption of petroleum products increased to 4.49 million metric tonnes, representing an increase of six per cent from the 4.22 million metric tonnes consumed in 2022.

A total of 4.48 million metric tonnes were consumed by the non-power sector, representing 99.8 per cent of the gross consumption while 0.2 per cent was consumed by the power sector (fuel oil and gasoil for power).

Source:https://energynewsafrica.com