Fuel shortage fears allayed as Bulk Oil Distributors assure adequate supply

The Chamber of Bulk Oil Distributors (CBOD) has refuted reports suggesting a critical fuel shortage in the coming days.

In an interview on Citi News, Dr. Patrick Ofori, CEO of the Chamber, reassured the public that there are sufficient fuel supplies available in the country.

“Most of the BDCs currently have products at anchorage, with vessels discharging petrol,” Dr. Ofori 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.“

This statement comes after a recent warning from the Chamber of Oil Marketing Companies (OMCs) about a potential fuel shortage.

The OMCs attributed this potential crisis to the suspension of the government’s gold-for-oil program and the recent operational halt at the Sentuo Oil refinery.

Dr. Riverson Oppong, CEO of the OMCs, had previously expressed concern, stating, “When the gold-for-oil started, it peaked and when it peaked, there is a fall, and we warned the government, but it won’t listen.”

The gold-for-oil program, implemented by the previous administration, allowed Ghana to purchase oil with gold, mitigating the impact of foreign exchange fluctuations.

Dr. Ofori, however, urged the current government to maintain the Bank of Ghana’s forex initiative to help stabilize the currency and ensure a stable fuel supply chain.

Fuel prices expected to decline by 3% from January 16 – COPEC

The post Fuel shortage fears allayed as Bulk Oil Distributors assure adequate supply first appeared on 3News.

Read Full Story