Ghana: Market for Petroleum Lubricating Oil And Grease 2024

Market Size for Petroleum Lubricating Oil And Grease in Ghana

The Ghanian market for petroleum lubricating oil and grease totaled $X in 2022, stabilizing at the previous year. Over the period under review, consumption continues to indicate a buoyant expansion. Petroleum lubricating oil and grease consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Production of Petroleum Lubricating Oil And Grease in Ghana

In value terms, petroleum lubricating oil and grease production amounted to $X in 2022 estimated in export price. Overall, production showed a prominent expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. Petroleum lubricating oil and grease production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Exports of Petroleum Lubricating Oil And Grease

Exports from Ghana

In 2022, approx. X kg of petroleum lubricating oil and grease were exported from Ghana; dropping by X% against the previous year's figure. Overall, exports recorded a abrupt decline. The pace of growth was the most pronounced in 2015 when exports increased by X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, petroleum lubricating oil and grease exports contracted rapidly to $X in 2022. Over the period under review, exports faced a abrupt decrease. The pace of growth appeared the most rapid in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire (X kg) was the main destination for petroleum lubricating oil and grease exports from Ghana, accounting for a X% share of total exports. Moreover, petroleum lubricating oil and grease exports to Cote d'Ivoire exceeded the volume sent to the second major destination, Benin (X kg), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cote d'Ivoire stood at X%.

In value terms, the largest markets for petroleum lubricating oil and grease exported from Ghana were Cote d'Ivoire ($X) and Benin ($X).

Benin, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review.

Export Prices by Country

In 2022, the average export price for petroleum lubricating oil and grease amounted to $X per ton, rising by X% against the previous year. Over the period under review, the export price enjoyed prominent growth. The growth pace was the most rapid in 2016 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Cote d'Ivoire amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Petroleum Lubricating Oil And Grease

Imports into Ghana

In 2022, overseas purchases of petroleum lubricating oil and grease decreased by X% to X tons, falling for the second consecutive year after three years of growth. In general, imports recorded a abrupt downturn. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, petroleum lubricating oil and grease imports reduced to $X in 2022. Over the period under review, imports, however, recorded a tangible increase. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports hit record highs at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Germany (X tons) constituted the largest petroleum lubricating oil and grease supplier to Ghana, with a X% share of total imports. Moreover, petroleum lubricating oil and grease imports from Germany exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. China (X tons) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and China (X% per year).

In value terms, Germany ($X) constituted the largest supplier of petroleum lubricating oil and grease to Ghana, comprising X% of total imports. The second position in the ranking was taken by South Africa ($X), with a X% share of total imports. It was followed by France, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and France (X% per year).

Import Prices by Country

In 2022, the average import price for petroleum lubricating oil and grease amounted to $X per ton, falling by X% against the previous year. Over the period under review, the import price, however, continues to indicate a buoyant increase. The growth pace was the most rapid in 2013 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China ($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 United Arab Emirates (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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