The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Mr Senyo Hosi has encouraged the public not to take part in alarm purchasing of fuel in light of the fact that the nation has a one-month fuel cover.
Encouraging the public not to overreact following a Bloomberg report about an approaching deficiency of fuel, Mr Hosi expressed individuals from the Chamber were attempting to keep what is going on stable.
"Indeed, we are having difficulties getting to dollars and assuming that proceeds, we can not buy fuel. That has been expected and we are working with the particular establishments to keep what is happening stable," Mr Hosi said in a meeting with the Ghana News Agency. Mr Hosi said however the Bank of Ghana (BOG) through a unique regulation was giving Bulk Oil Distributing Companies (BDCs) dollars, it was sufficiently not.
"The BoG began by giving BDCs 50% of our necessary dollars. This has been downsized to around 25%. We needed to go to the open market to purchase extra forex to enhance it," he said.
A Bloomberg report, today Tuesday, June 21, 2022, said the nation confronted an approaching fuel deficiency as the national bank proportioned dollars after oil costs flooded following Russia's intrusion of Ukraine. It said the month to month fuel import bill for the nation expanded to $450 million in May, from $250 million in January
The report said the national bank was just contribution about $100 million every month at its unfamiliar trade sell-offs, and that authorized mass merchants could never again connect the deficiency the underground market.
Mr Abdul Kudus, the Public Relations Officer of National Petroleum Authority said there was sufficient stock to fulfill homegrown need in opposition to hypotheses in the media. Bank of Ghana (BOG) through a unique regulation was giving Bulk Oil Distributing Companies (BDCs) dollars, it was sufficiently not.
"The BoG began by giving BDCs 50% of our expected dollars. This has been downsized to around 25%. We needed to go to the open market to purchase extra forex to enhance it," he said.
He said the NPA was persistently checking the week after week timetable of fuel imports to guarantee that there was consistent inventory.
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