The Institute for Energy Security (IES) is warning of a shortage of petroleum products across the country in no time. According to the energy think tank, the free fall of the cedi, which is causing a scarcity of dollars and the erosion of some working capital of the Bulk Oil Distribution Companies is what will trigger the shortage. Executive Director of IES, Nana Amoasi VII told Joy Business on October 18, 2022, that Ghanaians should be worried about this development. “There is something to be much worried about and that’s the likelihood of the shortage of the commodity on the market on the back of a reported shortage of dollars for the Bulk Oil Distribution Companies, the importers, and the erosion of working capital of some of these importers. The price of crude oil remains high and the cedi value continues to decline”. “We first raised these concerns in March this year and in the following month there were reports of the pocket of shortages of fuel across the country”, he explained. Furthermore, Nana Amoasi VII disclosed that if the authorities fail to plan well, any incident of fuel shortage will be widespread.
Nana Amoasi VII
“This time around, any incident of shortage may be widespread if we fail to plan against it. It is more serious”. He added that the BDCs and importers struggle to bring refined crude oil. Fuel prices have been going up since Monday, October 17, 2022. Petrol per litre is going for ¢13.10, from the previous price of ¢11.10, representing about a 16% increase. On the other hand, diesel per litre has shot up to about ¢15.99, from the previous price of ¢13.90. This is about a 12% surge.