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Business News of Wednesday, 2 January 2013

Source: myjoyonline.com

Petroleum shortage to end Wednesday- NPA

The National Petroleum Authority says it expects the shortage of petroleum products to end by the close of day today.

The shortage has hit most parts of Accra and other regions.

What is available at most filling stations is unleaded fuel but very few motorists can afford them because the price is relatively higher which is about 2.4 cedis per litre compared to 1.7 cedis for regular petrol.

Some have attributed the situation to an alleged hoarding by oil marketing companies in anticipation of a fuel price increase.

But the Chief Executive of the National Petroleum Authority, Alex Mould told Joy News there is enough stock and it will be available on the market today Wednesday.

“One of the biggest issues we had was that it was only one distributor that had gasoline last week and that was at CHASE. There may be some oil market companies that do not have credit lines with CHASE and as such could not receive products from CHASE,” he explained.

He also said the perception that NPA increases prices of its products at the end of the year also plays a role in the artificial shortage of the products as dealers begin to hoard.

He said even though there is an imminent increase in prices of the products stakeholders are yet to sit and take a decision.

He however attributed the current shortage to distribution challenges with the Bulk Distribution and oil marketing Companies.

Meanwhile, the Association of Oil Marketing Companies has denied vehemently that the current situation is as a result of its member’s hording Petroleum Products.

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