The Chief Executive Officer (CEO) of the Bulk Oil Distribution Companies (BDCs), Senyo Horsi, has given indications the current fuel shortage across the country will be resolved by close of Saturday.
Mr. Horsi told Citi News, the part payment of GHC 450 million by government has paved way for petrol to be transported and supplied to the various fuel stations.
President John Mahama on Friday ordered the Bulk Oil Storage and Transport Company to release the fuel in the country’s strategic reserves to supply consumers.
Speaking on Citi FM’s News and Current Affairs Programme, The Big Issue, Senyo Horsi was certain fuel will be available at the various filling stations by close of day today.
He disclosed that “6pm yester night, payment was finally effected and the evidence given to me. I submitted via some of the banks.
At 7:30pm thereabout, an LC [Letter of Credit] was issued; around 8pm, another was issued and I’ve had only two BDCs who have managed to get their letters of credit out.”
According to him, his outfit was already taking steps to mitigate the fuel shortage situation by getting some foreign counterparts to “partially underwrite some of the risks of the debt we have with the banks on a temporary basis.”
This, he said was to enable them serve consumers with the product.
Mr. Horsi mentioned that at the Tema Tank Farm, distribution and loading of fuel is ongoing therefore, by midday, the situation will be progressively normalized.
More Letters of Credit from the banks are expected on Monday so that the BDCs can resume the supply of petroleum products.
Since Tuesday, there has been an acute fuel shortage across the country with the worst hit being the Greater Accra Region.
Motorists have been queuing for days at fuel stations to get their tanks and gallons filled with fuel.
Some consumers have expressed their willingness to allow government cease the payment of fuel subsidies to prevent similar future occurrences.