Fuel Shortage: Petroleum Expert Dismisses Reports That Ghana Has Only A Few Days Of Fuel Cover

Fuel Shortage: Petroleum Expert Dismisses Reports That Ghana Has Only A Few Days Of Fuel Cover

  • Energy think tank Chamber of Petroleum Consumers Ghana (COPEC-GH) has debunked concerns about a looming fuel shortage
  • COPEC-GH director Duncan Amoah has said Ghana has at least three months of fuel cover
  • Mr Amoah said the Bank of Ghana's decision to release millions of dollars at auction for bulk distribution fuel companies will also ensure that there is enough in the country

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Fears that Ghana faces a shortage of refined petroleum products, especially petrol and diesel, in the coming days have been dismissed by the Chamber of Petroleum Consumers, Ghana (COPEC-GH).

Last week the former chief executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould, sounded caution about a possible shortage, citing lack of dollars for bulk distribution companies to purchase the product.

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Then on Tuesday, September 20, 2022, a story attributed to the managing director of the Bulk Oil Storage and Transportation Company (BOST) reported that Ghana has only a few days of fuel cover left.

Alex Mould Fuel Duncan Amoah
Alex Mould (L) and Duncan Amoah. Source: UGC
Source: UGC

According to KNUST News, Edwin Alfred Provencal said Ghana currently has up to 13 days of fuel cover.

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However, speaking to YEN.com.gh in an exclusive interview, COPEC-GH’s Duncan Amoah said the reports are inaccurate.

“We at COPEC Ghana don’t see an imminent shortage of fuel largely because there is actually enough in-tank in the country as we speak,” he said.

The director of the energy think tank stressed that a visit to the country’s anchorage shows a good number of vessels lined up to discharge fuel to bulk distribution companies.

“I can say there at least five vessels in line to also discharge. So it is quite difficult to see how a shortage could be looming,” he stressed.

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When pressed by YEN.com.gh about the comments attributed to the BOST MD, Mr Duncan Amoah explained that the 13 days of fuel cover Mr Provencal is referring to concerns what only BOST has in stock.

“The 13 days cover merely refers to only BOST products in storage and not the entire stock levels within the country,” he stressed.

Duncan Amoah said in addition to the satisfactory stocks of fuel in Ghana, the Bank of Ghana has released millions of dollars on auction, particularly to the bulk distribution companies to enable them pay their suppliers.

“The situation today is much better than it was in July or August this as far as fuel importation is concerned. I can confirm without any equivocation that indeed we are no where near a shortage of fuel. At least in the next three to four months, Ghana has enough fuel available,” the COPEC-GH boss said.

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Fuel Shortage Looms: Alex Mould Cites Forex Challenges For Imminent Problems At The Pumps

YEN.com.gh reported in a previous story that Mr Alex Mould repeated his troubling prediction that Ghana will face an imminent fuel shortage due to a foreign exchange crunch in the coming weeks.

The former Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC) posted on Facebook last month that Ghanaian banks were reporting a shortage of forex to meet payments of maturing Letters of Credit issued to international oil trading companies such as BP Vitol and Trafigura, among others.

He said this was due to the Bank of Ghana’s inability to meet requirements at the various forex auctions.

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Source: YEN.com.gh

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