Economy: Fuel Shortage Looms – IES Warns Over Shortage Of Dollars

The Executive Director of the Institute for Energy Security (IES), Nana Amoasi VII  has warned Ghana could face fuel shortage across the country if proper planning is not put in place to address currency fluctuations.

The Energy think tank believes Government should be concerned about possible wide spread of shortage since it could be dire for the country.

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, are the reasons that will trigger the shortage.

Executive Director of IES, Nana Amoasi VII, said 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 also 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 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.

“This time around any incident of shortage maybe widespread if we fail to plan against it. It is more serious.”

He added that the BDCs and importers are struggling to bring in refined crude oil.

Fuel prices have been going up since Monday, October 17, 2022.

Petrol per liter is going for ¢13.10, from the previous price of ¢11.10, representing about 16% increase.

On the other hand, the price of diesel per liter has shot up to about ¢15.99, from the previous price of ¢13.90. This is about 12% surge.