The Ghana Chamber of Bulk Oil Distributors has assured the nation that there are sufficient stocks of all petroleum products to satisfy national demand well into the New Year.
It has therefore dismissed reports about the pertinent fuel shortage, describing it as “unfounded”.
“We have more than enough petroleum products at the depots and in the ports ready for discharge. These products, ranging from petrol and diesel to kerosene, premix and aviation fuel, are available in sufficient quantities to meet national demand beyond the Christmas holidays”, Chief Executive Officer of CBOD, Dr. Patrick Ofori said.
Dr. Ofori said the nation’s strategic fuel stocks have been maintained and replenished through policy intervention by the Bank of Ghana (BoG) and nationalistic “sacrifices” by the bulk oil distribution companies.
He explained that the BoG has allocated 120 million US dollars every month until the end of the year for the importation of all essential petroleum products into the country.
“For this we are very grateful to the Central Bank, which has been working with us to assist our members, the bulk distribution companies, to secure foreign exchange forwards to meet the nation’s petroleum import bill,” Dr. Ofori said. “With the BoG’s intervention, the forex challenges we faced around the middle of the year have been stabilized to some extent and there is little, if any, cause for alarm”, he explained.
He further added that “what the BoG is providing, however, is just a fraction of what the BDCs need to meet their medium- to long-term foreign exchange liquidity demands and CBOD is hoping that more will be done soon to shore up foreign exchange liquidity in the country.
Dr. Ofori also commended the bulk distribution companies for placing the national interest above their commercial interests to help ensure adequate petroleum supplies in the country.
He pledged the continuous support and co-operation of CBOD with all the relevant national agencies to ensure adequate supplies of petroleum products to keep the engines of the Ghanaian economy running.
Latest Stories
-
Joseph Paintsil reflects on a stellar debut season with LA Galaxy
18 seconds -
I urge security to take firm stance against post-election violence – Akufo-Addo
25 minutes -
Akufo-Addo delivers Christmas message in final yuletide address to Ghanaians
31 minutes -
Onion costs shoot up as traders lament scarcity of commodity
40 minutes -
Registration for MPs-elect to begin on December 25
44 minutes -
EC calls for stakeholders’ support to complete electoral processes
1 hour -
Ghana Shippers Authority addresses Tema port delays, assures of efforts to resolve challenges
1 hour -
Ensign Global College recieves Presidential Charter
2 hours -
CODEO expands post-election observation to monitor parliamentary disputes
2 hours -
Ablekuma North, Dome Kwabenya will have MPs-elect before January 7 – EC
3 hours -
Bishop Salifu Amoako involved in accident at Tesano
3 hours -
Bills Micro-Credit climax year with durbar and dinner celebration
3 hours -
Lawyer sues Wesley Girls SHS for alleged religious discrimination
4 hours -
Election: We’re not the first EC to re-collate results – Bossman Asare
4 hours -
Kofi Kinaata makes historic comeback with ‘Made in Taadi’ concert
4 hours