Chief Executive of the Chamber of Oil Marketing Companies, Dr. Riverson Oppong, has expressed grave concerns regarding the declining state-owned fuel reserves in Ghana, cautioning that the Bulk Oil Storage and Transportation Company (BOST) might only have a week’s supply remaining.
During an appearance on Channel One TV’s Face to Face programme, Dr. Oppong described the current situation as “terrifying,” particularly as global tensions pose a threat to fuel supply chains. “I doubt that as we speak today, BOST can provide even a week’s worth of national fuel supply,” he stated. “That is very terrifying because BOST as an institution does not have its own stock of products stored for emergencies.”
He pointed to policy decisions made by the Energy Ministry and the National Petroleum Authority (NPA) as contributing factors, suggesting that these decisions seem to favor private fuel importers over BOST.
Dr. Oppong highlighted that BOST’s struggle to obtain a LECAN clearance from the NPA, which is necessary for the docking and discharge of fuel vessels, is a significant obstacle.
“LECAN is essentially the authority note that gives you the money and clearance to bring a vessel in,” he clarified. “Without it, you cannot import fuel, and BOST doesn’t seem to be getting it.”
His warning comes at a time of increasing geopolitical risks, especially with the potential for conflict in the Middle East. He mentioned the likelihood of disruptions in global fuel supply, particularly through the Strait of Hormuz, a crucial transit route. If immediate action is not taken, Ghana faces the threat of severe energy insecurity, leaving consumers exposed to supply shocks and price fluctuations.
He urged the government to promptly reevaluate its energy policy to allow BOST to replenish national reserves.
Source: HotFmOnline.com
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