Oil marketing company with less than 45 outlets will not be given any gold-for-oil consignment,
The CEO of the National Petroleum Authority (NPA) has announced.
Dr Mustapha Abdul-Hamid told journalists at the meet-the-press event on Wednesday, 22 February 2022 that the criteria for distributing the cargo was agreed in consultation with the Association of Oil Marketing Companies (AOMCs).
He explained that the decision is to ensure that consumers benefit from the programme across the country.
Dr Abdul-Hamid reported that Ghana has, so far, taken delivery of three cargoes of oil through the programme.
They include 41,000 metric tonnes (MT) of diesel in January, 40,000 MT of diesel and 35,000 MT of petrol.
He said “better results are expected as more gold-for-oil cargoes arrive.”
Prior to the gold-for-oil programme, Dr Abdul-Hamid said the average monthly petroleum product import bill ranged from $350 million to $400 million.
He said the petroleum downstream dollar demand accounted for 20 per cent of national demand.
He said: “Inadequacy of BoG supply pushes BIDECs to speculate forex rates arbitrarily based on proposed rates from commercial banks”.
