Shortage of petroleum products likely to hit Ghana – IES warns. |
The Institute of Energy Security (IES) has issued a warning that there will soon be a shortage of petroleum products, and it is expected that this shortfall would affect the whole nation.
Nana Amoasi VII, the
Executive Director of the think-tank, stated that the possible shortage can be
attributed to the persistent depreciation of the cedi, erosion of working
capital for Bulk Oil Distribution Companies, and insufficient dollar supply. He
made these statements in response to a question regarding the cause of the
shortage.
The Executive Director
of the Institute of Energy Security (IES), who was speaking in an interview
with Joy Business on October 18, voiced alarm about the development, which he
feels might hamper Ghanaians.
"There is
something to be much worried about and that's the likelihood of the shortage of
the commodity on the market on the back of a reported shortage of dollars for
the Bulk Oil Distribution Companies, the importers and the erosion of working
capital of some of these importers. The price of crude oil remains high and the
cedi value continues to decline".
"We first raised
these concerns in March this year and in the following month there were reports
of the pocket of shortages of fuel across the country," he explained
Nana Amoasi VII
suggested several remedies to the problem in order to handle it, and he added
that in order to manage an impending fuel shortage, the government has to take
rigorous steps as soon as possible.
"This time around, any incident of shortage may be
widespread if we fail to plan against it. It is more serious," the IES
boss warned.
Meanwhile, consumers of petroleum products have
begun witnessing an adjustment in prices at various pumps across the country.
According to
checks conducted by GhanaNews.hrforum.uk, certain Oil Marketing Companies
raised the rates of petrol and diesel by around 16% and 12 %,
respectively, beginning on October 16, 2022.
The price of a litre of petrol has increased to GH¢13.10 from the previous price of GH11.10, while
the price of a litre of diesel has increased to GH¢15.99 from the previous
price of GH¢13.90.
However, the large
increase may be ascribed to a little rise in the price of crude oil on the
international market as well as the ongoing depreciation of the cedi in
comparison to the US dollar.
Source: ghananews.hrforum.uk
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