The Chamber of Oil Marketing Companies has revealed that 36 out of 213 registered Oil Marketing Companies and Liquefied Petroleum Gas Marketing Companies were inactive in 2024 due to indebtedness and operational challenges. According to the report, 71 OMCs sold products above 12.5 million liters, while 125 sold below 10,000 metric tons, marking a 16% increase from the previous year. Operational challenges and high indebtedness have rendered some Oil Marketing Companies inactive, despite an increase in national petroleum consumption, which has exhibited an overall upward trend, growing by 60.85%.
According to the report, in 2024, consumption surged to a record 6,459 million liters, reflecting a significant 17.53% increase from the 5,496 million liters recorded in 2023.
The report further revealed that the top 25 LPGMCs/OMCs accounted for 77% of the total market share.
“Some OMCs gained market share during the period. Star Oil increased its market share from 8.4% to 9.7%, while Dukes Petroleum increased from 2.2% to 2.7%. The strong performance of smaller oil marketing companies indicates a growing appetite for diversified market players, possibly driven by competitive pricing and customer-focused service,” it said.
Consumption of Petroleum by Sector
According to the 2024 report, the transport sector has seen the highest growth in petroleum consumption over the years.
“In 2000, the sector consumed 1,360 million liters of petroleum products, increasing to 4,135 million liters in 2023. This represents a significant increase over the period. The industrial sector has also seen notable growth in petroleum consumption, rising from 143 million liters in 2000 to 870 million liters in 2023. In sharp contrast, the residential sector’s consumption demonstrated a relatively stable trend over the years, with minor fluctuations observed from 100 million liters in 2000 to 191 million liters in 2023,” the report said.
Regional Consumption
Greater Accra remains the region with the highest consumption, increasing from 1,786 million liters in 2023 to 1,848 million liters in 2024, representing a 3.4% growth.
“The Upper West Region recorded the highest percentage increase in consumption, surging by 333.96% from 85 million liters in 2023 to 369 million liters in 2024. The Northern and Upper East regions also showed substantial increases, with 37.93% and 72.75% growth, respectively. The Central Region was the only region to experience a decline in consumption, dropping by 4.74%, from 387 million liters in 2023 to 369 million liters in 2024,” the report said.
The Chamber is appealing to the government to immediately review the petroleum zonalization policy to address the pockets of shortages recorded during the year under review.
