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The Ghana Chamber of Bulk Oil Distributors (CBOD) has dismissed reports of an impending fuel shortage, assuring the public that there is sufficient fuel at the ports and that supply will increase in the coming weeks.
Speaking to Citi News, Dr. Patrick Ofori, Chief Executive Officer of CBOD, emphasised that stakeholders are actively working to avert any potential crisis.
He revealed that bulk distribution companies (BDCs) have fuel products ready at Anchorage and are currently discharging petrol.
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Additionally, he noted that approximately 100,000 metric tonnes of petrol are expected to arrive in the country within two weeks.
“There is no cause for alarm, and our members do not face any capacity or financial constraints. Nothing of that sort is happening,” Dr. Ofori stated confidently.
While refuting the shortage claims, Dr. Ofori pointed out the negative impact of the Gold-for-Oil policy implemented by the previous government.
According to him, the policy devalued imports, favouring the Bulk Oil Storage and Transportation Company Limited (BOST).
He further urged the Mahama administration to uphold the Bank of Ghana’s forex initiative to stabilise the currency and support the petroleum sector.
Contrarily, the Chamber of Oil Marketing Companies (OMCs) has raised alarms about a potential fuel shortage.
Dr. Riverson Oppong, CEO of the OMCs, attributed the issue to the suspension of the Gold-for-Oil program and the operational halt of Sentuo Oil’s refining activities.
Speaking on GHOne TV, Dr. Oppong said, “When the Gold-for-Oil program peaked, we warned of a likely decline. The government didn’t listen, and now we’re facing a shortfall. The halted refinery activities and reduced imports under the program are the main causes of the looming shortage.”
He called for swift government intervention to address the situation and ensure an uninterrupted fuel supply.
The differing views between the CBOD and OMCs highlight complexities within Ghana’s petroleum sector. While CBOD assures the public of a stable supply, the OMCs caution against a potential shortage due to policy and operational challenges. The coming weeks will be critical in determining the stability of the country’s fuel supply.
