Business News of Monday, 31 December 2012


Fuel situation to normalise

The fuel situation in the country is set to normalise following the arrival of 88,000 metric tones of refined super (petrol) belonging to Bulk Distribution Companies (BDCs).

The fuel, brought in under the BDCs emergency cargo arrangement, belong to companies including Cirrus Oil, Vihama Energy, FuelTrade and Ebony Oil and Gas.

This, officials of the National Petroleum Authority (NPA) say, would ensure stability in the supply of super (petrol).

The Public Relations Officer of the NPA, Mr Yaro Kasambata, told that officials at the Bulk Oil Storage and Transportation (BOST) Accra Plains Depot storage facility had since loaded haulage trucks for nationwide distribution.

While the BDCs have blamed the NPA for the nationwide shortage due to the cancellation of Lecans, which is the date an oil vessel could have accessed and berthed at the All Bouy Booring (ABB) facility near the Single Point Mooring (SPM) facility, Mr Kasambata denied the suggestions and wondered why the NPA would do such a thing since it was not the owner of the cargo.

“The NPA does not own a single facility and can, therefore, not cancel lecans”, he said, adding that, “what we do is to ask the BDCs to give the NPA their projections for supply so that the authourity could plan adequately”.

Asked why the products from the BDCs, which arrived in the country last Wednesday could not be distributed until now, Mr Kasambata said since the country did not have in place a bigger capacity storage facility to take delivery of the entire stock, the products had to be delivered from the vessels one after the other.

He was hopeful that the situation would normalise across the country by Tuesday.

Fuel shortages hit parts of the country during the Yuletide, compelling most consumers to move from one pumping station to the other in search of fuel, particularly petrol.