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HomeNewsCBOD assures of adequate fuel supplies to last beyond the Christmas period

CBOD assures of adequate fuel supplies to last beyond the Christmas period

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The Ghana Chamber of Bulk Oil Distributors (CBOD) has assured the nation that there are
sufficient stocks of all petroleum products to satisfy national demand well into the New Year.

“Concerns about a potential fuel shortage are unfounded,” says CEO of CBOD, Dr. Patrick

“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

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.”

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.

Source: 3news.com|Ghana

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