Ghana: Market for Processed Petroleum Oils and Distillates 2024

Market Size for Processed Petroleum Oils and Distillates in Ghana

The Ghanian market for processed petroleum oils and distillates surged to $X in 2022, jumping by 16% against the previous year. Overall, consumption, however, saw a abrupt descent. Processed petroleum oils and distillates consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Production of Processed Petroleum Oils and Distillates in Ghana

In value terms, processed petroleum oils and distillates production shrank to $X in 2022 estimated in export price. In general, production recorded a abrupt decline. The growth pace was the most rapid in 2013 when the production volume increased by 59% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Processed Petroleum Oils and Distillates

Exports from Ghana

In 2022, the amount of processed petroleum oils and distillates exported from Ghana dropped to X tons, waning by -10.1% against the previous year's figure. Over the period under review, exports, however, posted notable growth. The growth pace was the most rapid in 2014 when exports increased by 164% against the previous year. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, processed petroleum oils and distillates exports declined sharply to $X in 2022. In general, exports continue to indicate a perceptible contraction. The pace of growth appeared the most rapid in 2016 with an increase of 75% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for processed petroleum oils and distillates exports from Ghana, with a 69% share of total exports. Moreover, processed petroleum oils and distillates exports to Benin exceeded the volume sent to the second major destination, Niger (X tons), threefold. Togo (X tons) ranked third in terms of total exports with a 9.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Benin amounted to +97.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+46.3% per year) and Togo (+10.9% per year).

In value terms, the largest markets for processed petroleum oils and distillates exported from Ghana were Benin ($X), Niger ($X) and Togo ($X), together comprising 99% of total exports.

Benin, with a CAGR of +88.2%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average export price for processed petroleum oils and distillates amounted to $X per ton, waning by -10% against the previous year. Overall, the export price continues to indicate a drastic downturn. The pace of growth appeared the most rapid in 2013 when the average export price increased by 148%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (-4.9%), while the prices for the other major destinations experienced a decline.

Imports of Processed Petroleum Oils and Distillates

Imports into Ghana

In 2022, the amount of processed petroleum oils and distillates imported into Ghana skyrocketed to X tons, picking up by 18% on 2021 figures. Over the period under review, imports, however, recorded a noticeable decrease. The pace of growth was the most pronounced in 2020 with an increase of 113%. Imports peaked at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, processed petroleum oils and distillates imports expanded sharply to $X in 2022. In general, imports, however, recorded a deep setback. The most prominent rate of growth was recorded in 2017 with an increase of 62% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2022, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Belgium (X tons) and the United States (X tons) were the main suppliers of processed petroleum oils and distillates imports to Ghana, together comprising 44% of total imports. The UK, India and Spain lagged somewhat behind, together comprising a further 4.9%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +20.8%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest processed petroleum oils and distillates suppliers to Ghana were the Netherlands ($X), Belgium ($X) and the United States ($X), with a combined 44% share of total imports. The UK, India and Spain lagged somewhat behind, together accounting for a further 5%.

In terms of the main suppliers, India, with a CAGR of +9.8%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for processed petroleum oils and distillates stood at $X per ton in 2022, reducing by -8.2% against the previous year. Overall, the import price continues to indicate a deep slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by 30% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (-6.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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