The Institute of Energy Security has issued a warning about a coming nationwide shortage of petroleum products.The anticipated shortage, according to the research tank's executive director Nana Amoasi VII, can be linked to the cedi's ongoing depreciation, the degradation of working capital for bulk oil distribution companies, and a lack of sufficient dollar supplies.

0

The IES Executive Director voiced alarm about the development, which he believes could have an impact on Ghanaians, in an interview with Joy Business on October 18.“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.

1

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.Proffering some solutions to address the matter, Nana Amoasi VII said government must, as matter of urgency, adopt stringent measures to avert an imminent fuel shortage.

2

“This time around, any incident of shortage may be widespread if we fail to plan against it. It is more serious,” the IES boss warned.Meanwhile, consumers of petroleum products have begun witnessing an adjustment in prices at various pumps across the country.Checks by GhanaWeb Business show that some Oil Marketing Companies from October 16, 2022, increased the prices of petrol and diesel to about 16 percent and 12 percent respectively.

3

Petrol is now selling for GH¢13.10 per litre from an earlier price of GH¢11.10 while diesel is going for GH¢15.99, from a previous price of GH¢13.90.The significant hike is however attributed to the marginal increase in the price of crude oil on the global market and the persistent depreciation of the cedi against the US dollar.

4