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15 February 2017

Fuel shortage imminent – IES

FUEL-1

The Institute for Energy Security (IES) has warned of an impending shortage of petroleum products in the coming weeks.

This is due to the shutdown of the Tema Oil Refinery and the congestion at the ports which has compelled many oil companies to postpone their imports.

A statement released on Tuesday, February 14 by Richmond Rockson, Principal Research Analyst at the Petroleum Unit of IES “Ghana’s fuel supplies are expected to face serious disruptions due to the unanticipated shut-down of the Tema Oil Refinery (TOR) and port congestion facing the oil companies, which is compelling them to postpone their import and export programmes amid acute discharge and loading constraints.”

The Institute said  Ghana currently has half of the fuel needed for the next one month. They are therefore calling on  state authorities,  to as a matter of urgency, increase fuel supplies for strategic reserves in order to avoid the imminent threat facing the country.

According to IES, at the close of business on February 13, “the country’s stock of gasoline and gas oil at both the Tema Oil Refinery and the Bulk Oil Storage and Transportation Company (BOST) installations across the country was 86,000 metric tonnes.

“Also, the stocks held in-tank at Bulk Oil Distribution Companies (BDC’s) facilities in Tema stood at 24,750 metric tonnes. A year ago, the combined stock of these fuel stood at 451,200 metric tonnes; a little above the mandatory 6- weeks requirement”.

It added that the current stock of gasoline and gas oil combined can meet “just 13 days of fuel supply”.

 

 

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