The Chamber of Oil Marketing Companies (OMCs) has raised concerns of an imminent fuel shortage, citing the suspension of the government’s gold-for-oil programme and the operational halt of Sentuo Oil’s refining activities.
Dr. Riverson Oppong, the CEO of the Chamber, expressed concern over the potential crisis, attributing it to poor foresight in managing the sector.
“When the gold-for-oil programme started, it peaked, and we warned the government that a decline was inevitable, but our warnings went unheeded,” he said.
The gold-for-oil initiative had initially reduced the burden on Bulk Distribution Companies (BDCs), but its cessation has left them unable to import fuel, exacerbating supply challenges.
Dr. Oppong further highlighted the halted operations of Sentuo Oil Refinery, which compounded the issue.
“With the refinery ceasing production and the discontinuation of imports, the shortage of PMS (Premium Motor Spirit) was anticipated.
Immediate action is needed to prevent a full-blown crisis,” he emphasized, urging the government to restore stability in the fuel supply chain.
