General News

Nationwide fuel shortage as GOIL, other stations run out of fuel

Several patrons of fuel in various parts of the country have taken to social media to lament how they moved from one filling station to the other in search of fuel to no avail.

Patrons particularly say Ghana Oil Company Limited GOIL is the worst culprit as visits to various GOIL outlets showed fuel was not available.

Visits by MyNewsGh.com to confirm reports show fuel was  ot available at GOIL University of Professional Studies Accra among other areas.

A patron, one Vericaps Gadri took to social media to lament how he has visited more than 10 GOIL outlets to purchase Super (petrol) but was told they had no stock.

“For tomorrow and the records; about 10 outlets of GOIL I visited in Accra today did not have Super to sell even at their high selling price.Should this cause us to be wary (sic) and could we suffer some shortages in the coming days.What is our fate?” He posted on his Facebook page.

Reports say filling stations in other parts of the country are experiencing shortage of both petrol and diesel with patrons having to drive from one station to the other in order to get fuel.

Filling stations along the Eastern Corridor road and some areas around there have been hard hit.

How IES foresaw the situation
The Institute of Energy Security (IES), two months ago indicated that the country could experience a fuel shortage in the coming days which appears to be materializing.

Speaking on the Point Blank segment of Eyewitness News on our sister media station Citi in March 2022, the Executive Director of IES, Nana Amoasi VII, said the shortage will be influenced by the depreciation of the cedi and the increase in oil prices on the international market.

“I regret to announce this bad news. I hope it doesn’t happen. What we have observed over the past few months within the downstream sector of the Petroleum industry is that the depreciation of the cedi and the international oil price rise is impacting negatively on their working capital.

“Between the last few weeks, the cedi has depreciated from about GHS 7.00 to GHS 7.4 giving a clear 40 pesewas on their business. If we are bringing the same quantity of 600 metric tones today, you will need GHS 7.40. That will amount to about GHS 4, 440 and so 30,000 metric tonnes in the next window, you will need an equivalent of about GHS 7.2 million. A clear depletion of wiring capital.”

These factors,  according to him, will lead to the importation of less fuel into the system.

“If the situation continues and it is sustained, we will see a fuel shortage,” he added.

Source: MyNewsGh

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