Government lost more than GH¢600 million in tax revenue in 2025 due to 199 million litres of unaccounted petroleum products, according to the 2025 Petroleum Product Analysis Report, sighted by Joy Business.

The lost revenue was expected to accrue to the state through taxes, levies, and other regulatory charges on petroleum products imported into the country, but was not properly accounted for.

According to the Chamber of Oil Marketing Companies, the unaccounted volumes represent 2.1 per cent of the country’s total petroleum supply for the year.

The report provides a detailed examination of Ghana’s petroleum product supply and consumption trends from January to December 2025, with a comparative analysis of 2024.

It also highlights national and regional volumes, offering insights critical for market penetration and policy formulation.

Imports and Exports of Petroleum Products

In 2025, imports of petroleum products increased by 36.7 per cent to 8.71 billion litres, up from 6.23 billion litres in 2024. This growth was driven largely by strong commercial and domestic demand.

Domestic refinery output, however, declined from 500,000 metric tonnes to 444,264 metric tonnes, reflecting operational challenges within the refining sector.

Meanwhile, petroleum product exports rose from 524,603 metric tonnes to 658,500 metric tonnes. These exports were largely re-exports of petrol, diesel and LPG to regional markets including Burkina Faso, Mali, Togo and other Sahel countries.

Despite the increase in exports, the report expressed concern about the implications for the exchange rate and national security. This follows findings of high import dependency in the sector.

Imports accounted for over 90 per cent of total petroleum supply in 2025, exposing the country to global oil price volatility, foreign exchange risks and supply chain disruptions.

Uncovering the Loss

According to the Chamber of Oil Marketing Companies, the estimates were derived from a reconciliation analysis of Ghana’s national petroleum stock.

The analysis revealed that 199 million litres of petroleum products were unaccounted for. The report largely attributes this to illegal activities within the sector, despite ongoing automation and regulatory interventions.

It noted that the Chamber of Bulk Oil Distributors has, over the years, raised concerns about frequent transfers of refined products from depots to some modular refineries. These transfers, it said, could provide avenues for diversion of products to retail outlets to evade taxes.

The Chamber of Oil Marketing Companies stressed the need for stricter monitoring of petroleum stocks across the entire value chain. It warned that the fiscal impact could be higher than current estimates, underscoring the need for improved verification and accountability mechanisms.

Recommendation by Chamber of Oil Marketing Companies

The Chamber is calling for strict protocols governing the export of petroleum products to neighbouring countries to prevent diversion and tax evasion. This includes developing a comprehensive export manual.

It is also proposing that export permits should be backed by confirmed letters of credit from international banks or verified payments through the Bank of Ghana.

Additionally, the Chamber is urging the National Petroleum Authority and other stakeholders to develop guidelines to regulate transfers of refined products from refinery tanks to commercial storage facilities.

It further recommends that all modular refineries be integrated into the ERDMS and ICUMS systems to track inflows, production and outflows.

The report also proposes stricter monitoring of petroleum stocks, including regular reconciliation reports submitted to the regulator.

It suggests deploying a real-time Automatic Tank Gauging tracking system across all depots and refineries to enhance transparency in product movement.

These findings were contained in the 2025 Petroleum Product Analysis Report, which provides a comprehensive overview of Ghana’s petroleum sector performance and emerging risks.