The National Petroleum Authority, NPA says fuel products under the Gold for oil policy will only be distributed to Oil Marketing Companies, OMCs with not less than 45 retail outlets across the country.
The NPA says the move is to ensure that the G4O is spread across fuel stations nationwide and for the impact on the reduction of fuel prices to be noticeably felt. The NPA boss, Dr. Mustapha Abdul-Hamid, gave details when the NPA took its turn at the Ministers press briefing on the topic Petroleum Downstream: Retrospect and prospects.
On January 19, 2023, the Bulk Oil Storage and Transportation Company, BOST announced that it has started selling the 40 thousand metric tonnes of petroleum products procured under the gold for oil barter arrangement.
GOIL and other Bulk Oil Distribution Companies took delivery of the fuel for the market. Initial stock release under the programme was estimated to be only 20 percent of Ghana’s market needs.
The 40 thousand metric tonnes of petroleum product which was only Diesel did not make any significant impact at the pumps. GOIL announced a 4 percent reduction in the price of diesel, resulting in a litre selling at 15 Cedis 25 pesewas but kept the price of petrol unchanged at 15 Cedis 25 pesewas.
According to GOIL the reduction was influenced by benefits associated with the Barter of the G4O programme which it participated in as an oil marketing company. On February 18 another 40 thousand metric tonnes of petroleum product was received.
To ensure that the second consignment makes a significant impact at the pumps the Team from National Petroleum Authority , NPA handling the G4O programme has decided to distribute the petroleum product to only OMCs with less than 45 retail outlets for the impact of the drop in fuel prices to be noticeable. Chief Executive of NPA, Dr. Mustapha Abdul-Hamid NPA said this will not collapse the smaller OMCs, explaining that with time the other OMCs will be roped in.
Head of Regulation and Pricing with the NPA, Mr. Abass Tasunti explained that the Bank of Ghana spent about 40 million dollars for the first 40 thousand metric tonnes of fuel received under the G40 and is yet to determine the amount spent for the second consignment.
The Second Consignment is expected on the market by Monday, February 27, 2023
