Senyo Hosi, the Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, has pleaded with the people not to buy fuel in a frenzy because the nation has a one-month supply covered.
Following a Bloomberg article about an impending gasoline scarcity, Mr. Hosi urged the public not to worry and claimed members of the Chamber were working to maintain the situation's stability.
"Yes, we are having trouble getting money, and if this keeps happening, we won't be able to buy fuel. That has been planned for, and we are collaborating with the relevant institutions to maintain stability "In an interview with the Ghana News Agency, Mr. Hosi stated.
Even though the Bulk Oil Distributing Companies (BDCs) were receiving dollars from the Bank of Ghana (BOG) under a special dispensation, Mr. Hosi said that this was insufficient.
"The BoG began by handing BDCs 50% of the money we needed. An approximate 25% reduction has been made to this. To augment it, we had to go to the open market and purchase more foreign currency "explained he.
Today, Tuesday, June 21, 2022, according to a Bloomberg article, the nation faced an impending gasoline crisis as the central bank restricted dollars due to the rise in oil prices following Russia's invasion of Ukraine.
It stated that in May, the nation's monthly gasoline import cost rose to $450 million from $250 million in January.
According to the study, the central bank's monthly foreign exchange auction offerings were only approximately $100 million, and authorised bulk distributors were no longer able to make up the difference on the black market.
In contrast to media rumours, Mr. Abdul Kudus, the National Petroleum Authority's public relations officer, stated there was adequate supply to fulfil domestic demand.
He claimed that in order to guarantee a steady supply, the NPA constantly tracked the weekly timetable of gasoline shipments.