The Chamber of Petroleum Consumers, (COPEC) has raised concerns over fuel unavailability and shortages across pumps in the capital and other parts of the country over the past few days.
According to the Executive Secretary of COPEC, Duncan Amoah, the scarcity stems from ongoing upgrades at key Bulk Oil Storage and Transportation Company Limited (BOST) depots, including Apd, Kumasi, and Maami Wata, alongside delays from private oil traders facing financial constraints.
“Our checks indicate a supply suppression due to some depot upgrades at the BOST Apd, BOST Kumasi, and BOST Maami Wata depots.”
COPEC also stated that “other private Oil traders who over the period, complain of monies owed them and hence their refusal to put enough products onto the market is also to be blamed.”
Despite these challenges, COPEC shared that private BIDECs are discharging cargo to stabilize the market. BOST is also set to land two additional fuel cargoes before the end of November, which is expected to restore fuel supply across the country.
“Some private Bulk Import Distribution Companies continue to land products even as of today, thereby creating a mixed situation of availability at some pumps whiles others do not have at all.”
COPEC further added that “there also seems to be some challenge of financing and debts accrued over a period from some of the main suppliers arising from some uncertainties in the ability of the market to pay them such debts owed from previous supplies and hence the difficult decision to discontinue pumping more products into the system any further, which is partly responsible for the current shortages and supply suppression.”
COPEC encouraged consumers “not to panic nor engage in panic buying” and assured that efforts are being made to restore stability to the market by the weekend.
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