Gold for oil: 152,000 metric tonnes to arrive as second consignment from February 19

The Managing Director of Bulk Oil Storage and Transportation Company Limited, (BOST), Edwin Provencal, has revealed that the second consignment of fuel from the gold for oil policy will start arriving in Ghana on February 19, 2023.

He detailed that “We are expecting a total of 152,000 metric tonnes, made up of 80,000 gasoil (diesel) and 72,000 gasoline(petrol).”

In terms of sharing, he added that a regulator is in charge of that arrangement to ensure that there is equity and fairness in the distribution.

Edwin added that the new consignment may have some effects as some BDCs have already made orders for the oil.

“We’ve had demand orders from 18 Bulk oil Distribution Companies totaling almost 114,000 metric tonnes. You’ve seen that since the first consignment came, GOIL has reduced its prices from almost 15 cedis to 14.90, this should tell you that Ghanaians who are not in a good place today, will have some respite with respect to a reduction in energy prices and its attendant benefits on inflation,” he told JoyNews on February 17, 2023.

The first consignment of the gold for oil programme arrived in Ghana on January 16, 2023, with about 40,000 metric tonnes.

This was just about 25% of the country’s fuel needs. According to the government, the programme is to alleviate the current economic hardship by reducing fuel prices.

However, the impact has not been felt in the prices of fuel at the pumps.

SSD/FNOQ