We have enough fuel - NPA

The National Petroleum Authority (NPA) has assuaged fears of looming fuel shortage in the country.

Chief Executive of NPA, Dr. Mustapha Abdul-Hamid

The NPA Head of Quality Assurance, Saeed Kutia Ubeidalah told journalists at a workshop in Koforidua that there is enough stock of fuel in the country.

Mr. Kutia Ubeidalah also said the authority has made some interventions including waiver some of its arrangements for ships to be able to come in with more stock products while reviewing its schedule of products into the country to stock areas with low stock.

I can allay the fears of many. In fact, from where we sit, yes yesterday night because of that we have to waver some of our arrangements for ships to be able to come in with the more low-stock products so that we allay this fear. So NPA is reviewing its schedule of products into the country so that where we have low stock then that shores up so I am sure that we are currently working to eliminate that fear. Currently, there are enough stock …we are currently trying to avert that situation from happening,” Kutia Ubeidalah assured.

He also added that the continuous operationalization of the defunct Tema Oil Refinery will also ensure continuous supply.

Refinery ensures continuous supply. Also, you will agree that you will need fewer dollars for crude oil compared to finished products because when you buy the finished product you are paying for the Refinery in dollars as well but when you refine it here the aspect of the refining prices you will pay in cedis so it reduces your demand for forex but on the supply angle for some of us the key point is the availability of the product because for some of us in the absence of TOR , products we were not Hitherto importing like residual fuel oil we import them and also pay in forex so that is how the absence of TOR means.''

Bloomberg reported last week that Ghana is likely to face a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

Ghana’s monthly fuel import bill jumped to $450 million in May, from $250 million in January.

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