Institute for Energy Security warns of fuel shortage

The Institute for Energy Security (IES) is warning of a shortage of widespread petroleum products across the country soon.

According to the energy think tank, the free fall of the cedi, causing a scarcity of the dollar and the erosion of some working capital of the Bulk Oil Distribution Companies were the reasons that would trigger the shortage.

Executive Director of IES, Nana Amoasi VII in an interview with Joy News in Accra yesterday said Ghanaians should be worried about the 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 the erosion of working capital of some of these importers. The price of crude oil remains high and the cedi value continues to decline,” he said

“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

Furthermore, Nana Amoasi VII disclosed that if the authorities fail to plan well, any incident of fuel shortage would be widespread.

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

He added that the BDCs and importers struggle to bring refined crude oil.

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