The Chamber of Bulk Oil Distributors (CBOD) has strongly denied accusations that some of its members are engaged in product hoarding to benefit from the expected price increase from March 16, 2026.
Speaking to Joy Business, the Chief Executive of the Chamber, Dr. Patrick Kwaku Ofori noted that “these allegations cannot be substantiated, adding it’s baseless and it’s unfair to our hard-earned reputation”.
According to him, “As a business, we are fully committed to ethical competition among ourselves”.
The CEO of CBOD was responding to accusations that some of their members are engaged in what can be described as artificial fuel so that they can benefit hugely from the expected price hike from March 16, 2025.
The OMCs are also raising concerns about the fact that some BDCs have significantly increased their prices, forcing some smaller Oil Marketing Companies (OMCs) that buy on a cash and carry basis to purchase products at what they describe as very high prices.
But Dr. Ofori pointed out that anyone in doubt could check from the National Petroleum Authority platform to see if trading has not happened over the past days”
“Looking at the current environment, it will be very difficult to actually hoard [fuel] because we the need the haulage for other business and other vessels to discharge products into the system”, the CEO added.
Dr. Ofori also explained that the banks and creditors are “on your neck for payment to be made on product supplied”.
On reports of sudden increase in prices of the various products supplied, Dr. Ofori denied, saying, the accusation is also unfounded.
This is because every player does to ensure that they remain competitive and minimise risk.
On outlook for prices at the pumps, the CEO assured that consumers will defiantly be asked to pay what pertains on the international market.
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