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Petroleum Product Demand Rises 41%

According to Dr. Mustapha Abdul-Hamid, Chief Executive Officer of the National Petroleum Authority (NPA), demand for petroleum products has increased significantly in the nation, from an average of 7 to 41% in 2021.

According to him, the downstream regulator's recent technologically based schemes and actions to stop illicit fuel operations are what caused the previously unheard-of rise in consumption.

On Wednesday, September 28, 2022, in Accra, Ghana, Dr. Abdul-Hamid made this statement at the official opening of the 5th Edition of the Ghana International Petroleum Conference (GhIPCon).

"Energy Transition in the African Petroleum Downstream Context: Prospects, Challenges, and the Way Forward" is the theme of the three-day conference.

He stated that the industry currently contributes 7.2 percent of Ghana's Gross Domestic Product, with annual sales valued at GHC32.94 billion (GDP).

"A new age is beginning for Africa's downstream petroleum industry. "The pressure on our industry is increasing as the world seeks to hasten the shift away from fossil fuels," he said.

"Because our nations rely on the sale of oil and gas, we are all affected by the global energy transformation. According to forecasts for 2021, Ghana's petroleum downstream business generates yearly sales worth roughly GHS32.94 billion, or 7.2% of the nation's GDP.

"Compared to 2020, there has been a 41% increase in the demand for fossil fuels. The annual average throughout the years had been between 5% and 7%, therefore this increase in fossil fuel usage is unusual, according to the NPA Chief Executive.

He underscored Ghana's commitment to lowering emissions from energy product consumption.

The National Petroleum Authority's commitment to reducing emissions from the energy products Ghanaians use culminated in the reduction of sulfur content in transportation and industrial fuels from a maximum of 5000 ppm to a maximum of 50 ppm.

According to him, Ghana is one of the few African nations that uses low-sulfur fuels and has a plan for local refineries to follow to comply.

Dr. Abdul Hamid further exhorted conference attendees to go through the important challenges to develop deployment plans.

William Owuraku Aidoo, a deputy minister of energy, made the following statement on behalf of the energy minister: "Ghana remains dedicated to an energy transformation agenda and the development of the petroleum industry."

"Ghana remains committed to both an energy transition agenda and the development of its downstream sector of the petroleum industry. "We believe that the way forward is to strike an important and fair balance between the two without compromising our determination to maximize the benefits we need for our industrialization," he said.

The speaker said, "I am beyond a shadow of a doubt that the conference will yield important results to steer us on the path forward, and I look forward to more engagements in this regard."

To lower greenhouse gas emissions, he further urged participants in the West Africa Subregion to increase refinery capacity and generate high-quality fuels.

Under the sponsorship of the Ministry of Energy and the Ghana Chamber of Bulk Oil Distributors, the National Petroleum Authority (NPA) and the African Refiners and Distributors Association (ARDA) are organizing the conference (CBOD).

It has drawn important people from the petroleum industry throughout the West Africa Subregion, including CEOs, specialists, and decision-makers.

Content created and supplied by: @NanaKwame (via Opera News )

African Petroleum Downstream Ghana Mustapha Abdul-Hamid NPA National Petroleum Authority


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