Government Takes Steps to Address Petroleum Shortages in Ghana

Government says it has released its strategic reserves of petroleum products from the Bulk Oil Storage and Transport company (BOST) onto the market to address current shortages of the products in the country. 

A statement issued in Accra on Friday June 27 says these products should be at the filling stations shortly.

The statement which was signed by Minister of Information and Media Relations, MAHAMA AYARIGA and copied to Ghana Broadcasting Corporation (GBC) said government has also paid the Bulk Oil Distribution Companies (BDCs) an amount of Four Hundred and Fifty Million Ghana Cedis (GH450,000,000.00) by way of forex subsidies owed them.
 
According to the statement, in addition, Government has facilitated a One Hundred Million Dollars ($100,000,000) forex cover to the BDCs. With these two measures, the BDCs are enabled to obtain Letters of Credit (LCs) from the banks for petroleum products imports.
	
Below Is The Full Statement:

PRESS RELEASED

Government takes steps to address petroleum shortages

Government has released its strategic reserves of petroleum products from the Bulk Oil Storage and Transport company (BOST) onto the market to address current shortages of the products in the country. These products should be at the filling stations shortly.

Government has also paid the Bulk Oil Distribution Companies (BDCs) an amount of Four Hundred and Fifty Million Ghana Cedis (GH450,000,000.00) by way of forex subsidies owed them. 

In addition, Government has facilitated a One Hundred Million Dollars ($100,000,000) forex cover to the BDCs. With these two measures, the BDCs are enabled to obtain Letters of Credit (LCs) from the banks for petroleum products imports

We deeply regret the inconvenience suffered by motorist but wish to assure the public that every effort is being made to ensure adequate availability of petroleum products in all parts of the country.

Government however cautions petroleum products outlets to refrain from hording the products delivered to them.

									

Signed
MAHAMA AYARIGA (MP)
MINISTER