The Ghana Chamber of Bulk Oil Distributors has refuted reports suggesting a critical fuel shortage in the country in the coming days.
Speaking to Citi News, the Chief Executive Officer of the Chamber, Dr. Patrick Ofori reassured the public that there is enough fuel at the port with supply expected to increase as stakeholders take steps to avert any potential crisis.
However, he noted that the Gold-for-Oil policy under the previous government had devalued imports in favor of BOST.
Dr. Ofori also urged the Mahama government to maintain the Bank of Ghana’s forex initiative to help stabilize the currency.
“Most of the BDCs currently have products at anchorage, with vessels discharging petrol,” he explained.
“In addition, over the next week or two, we’re expecting about 100,000 metric tonnes of petrol to arrive in the country. There is no cause for alarm, and our members do not face any capacity or financial constraints. Nothing of that sort is happening.”
The Chamber of Oil Marketing Companies (OMCs) has warned of a potential fuel shortage in the coming days.
The Chamber attributes this looming crisis to the suspension of the gold-for-oil programme and the operational halt of Sentuo Oil’s refining activities.
Speaking on the issue on GHOne TV, Dr. Riverson Oppong, the Chief Executive Officer of the Chamber, urged the government to take swift and decisive action to avert the anticipated shortage.
“When the gold-for-oil started, it peaked and when it peaked, we in the petroleum sector saw this coming. Anytime you are drawing a graph and there is a peak, there is a fall and we warned the government but it won’t listen.
“And when the supply was cut to an extent and when the Sentuo Oil refinery also ceased to produce, or let’s say, process, we anticipated a loss. Today, the fuel shortage we find in the market has to do with the PMS. BDC’s ceased to import because there was gold-for-oil.”