Civil society organisation in Ghana’s energy sector, Sustainable Energy and Mines Projects Advocacy (SEMPA Africa), has warned that the depletion of the United States Strategic Petroleum Reserve could expose Ghanaian consumers to continued fuel price volatility.
According to SEMPA, the US emergency crude oil reserve has fallen to its lowest level in more than four decades, leaving less capacity to cushion the global market against a potential supply disruption.
The group said the development could have implications for Ghana, which imports a significant portion of the petroleum products consumed locally.
In a statement issued on August 24, SEMPA said data from the US Energy Information Administration showed that the Strategic Petroleum Reserve held approximately 293 million barrels of crude oil in the week ending August 14, 2026.
This represents about 41 percent of its authorised capacity of 714 million barrels and is the lowest level recorded since December 1982.
SEMPA said the drawdown followed the release of 172 million barrels from the reserve in March after Iran moved to restrict tanker traffic through the Strait of Hormuz, disrupting a major global oil supply route. The release was part of a wider International Energy Agency-coordinated intervention involving member countries.
Although Ghana does not directly draw fuel from the US reserve, SEMPA said the reserve serves as part of the global buffer against oil supply shocks.
According to the organisation, a smaller reserve means there is less capacity to respond to another major disruption, potentially increasing uncertainty and the risk premium on global crude and refined petroleum product prices.
“Because domestic petroleum prices broadly track international benchmarks, that premium reaches Ghana quickly,” the statement said.
SEMPA said Ghana remains particularly vulnerable because it imports a large proportion of the refined petroleum products consumed in the country.
The organisation said recent industry estimates suggest that about seven out of every 10 litres of fuel sold at the pump are imported, making Ghana susceptible to movements in international petroleum prices.
It warned that while the reduction in the US reserve does not guarantee an immediate increase in local fuel prices, it leaves the global market with less room to absorb another supply shock without a significant price spike.
SEMPA is therefore calling on consumers, transport operators and businesses to prepare for continued volatility in fuel prices.
It has also urged the government to treat the development as an early warning and take steps to reduce Ghana’s exposure to future global oil supply shocks.
The group is calling for measures including efforts to maintain cedi stability and fiscal discipline, expand domestic refining capacity and strengthen Ghana’s strategic fuel reserves.
“The US reserve drawdown has barely registered in local conversation, but it is exactly the kind of external development that ends up at the fuel pump in Accra and Kumasi within weeks,” SEMPA said.
“Ghana cannot control America’s emergency stockpile. What we can control is how prepared our own pricing system and reserves are for the volatility this signal is coming.”
