• About
  • Advertise
  • Privacy & Policy
  • Contact
The Herald Ghana
Advertisement
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World
No Result
View All Result
The Herald Ghana
No Result
View All Result

Ghana has one month supply of crude oil in storage capacity – Kudus Mohammed

June 24, 2022
Reading Time: 3 mins read
0 0

The Communications Manager of the National Petroleum Authority (NPA), Kudus Mohammed, says Ghana currently has a one month supply of crude oil in storage capacity.

According to him, this is to ensure that petroleum is available and available regularly despite the low supply of petroleum the world over as a result of the Russia-Ukraine war.

“We’re able to guarantee a regular supply of the product out there and that is why when you take your machine to any of the pumps across the country you would actually be guaranteed of the product to be able to buy,” he said on JoyNews’ PM Express Business Edition.

He noted that even though the one month supply in storage capacity is not an ideal amount, the Planning Department of the NPA “would not want to have a glut where we would have so much of the product in the system that could also have its implications on pricing.”

RelatedPosts

NPA  boss wants LPG made less expensive  

The rise of Mohammed Kudus, pride of Nima and Ghana’s golden boy

Ghana: Zambian energy board visits NPA to tap expertise

“But we have capacities at every given point in time that you don’t have to grant permission to an unnecessary number of vessels that might bring the product that you might be finding it difficult as to where to put them.

“So I’m saying that there is a certain regular time table that actually guarantees who brings what at what time, and the Planning Department is able to gauge at what time what is the need of the consuming public, what is available across the country and who should be granted the permission,” he explained.

Kudus Mohammed further noted that the scarcity of some petroleum products on the market is also one of the reasons why the NPA is unable to store more than the one month supply it currently has.

“We all know that there are some bottlenecks in regards to supply of these products. Diesel particularly is becoming a very scarce commodity out there in the market. So in as much as you would probably have a standard that you’d wish to meet, what is of primary importance is the access of it and the regularity of which is supposed to be available to the consuming public as and when they would want it,” he said.

Meanwhile, he says the Bank of Ghana’s inability to pump more dollars into the system is also accounting for the inability to get more petroleum products into the country.

“I’ve heard a lot of the BDCs for example complaining of access first of all to forex and a competitive rate for that matter because whatever it is they will certainly be passing on if there is any excess they will be needing to pass to the consumer. They’re not able to get as much of the forex as they desire. The quantity ordinarily they would have wished to bring into the country will certainly suffer.

“And we’ve heard their complaints for example of how they’re not able to get all of what they need from the Bank of Ghana, equally they’re not able to get what they need from their respective commercial banks and aboviously it will affect the quantity that they will be wishing to bring into the country. So it is a combination, but probably a lot more tilting to the availability of forex,” he said.

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Previous Post

Samini wins GIMPA SRC election amidst thuggery   

Next Post

While other countries are giving covid incentive, our government can’t account for covid fund.

RelatedPosts

NPA  boss wants LPG made less expensive  

NPA  boss wants LPG made less expensive  

2 months ago
The rise of Mohammed Kudus, pride of Nima and Ghana’s golden boy

The rise of Mohammed Kudus, pride of Nima and Ghana’s golden boy

2 months ago
Ghana: Zambian energy board visits NPA to tap expertise

Ghana: Zambian energy board visits NPA to tap expertise

3 months ago

NPA needs to fix the structural problems in the petroleum industry – Alex Mould

3 months ago

NPA removes subsidy on residual fuel oil

3 months ago
Oil marketing companies at liberty to increase fuel prices …NPA explains it’s to avoid fuel shortage

Oil marketing companies at liberty to increase fuel prices …NPA explains it’s to avoid fuel shortage

3 months ago
Next Post

While other countries are giving covid incentive, our government can't account for covid fund.

My sympathies to President Mahama in 2025

Plantain Leaf: Improves upper respiratory tract, heart health.

Leave Comment
No Result
View All Result

Recent Posts

  • Chieftaincy Minister leaves Akufo-Addo’s government
  • Ex-policeman gets death penalty for lawyer’s murder
  • Nearly a third of a billion Africans were affected by internet shutdowns in 2022
  • Brain ‘zips and unzips’ information to perform skilled tasks
  • 30-year-old Ghanaian-American councilwoman fatally shot and killed in New Jersey
  • About
  • Advertise
  • Privacy & Policy
  • Contact

Copyright © 2022 The Herald Ghana. All Rights Reserved

No Result
View All Result
  • Home
  • General
  • Entertainment
  • Politics
  • Editorial
  • Business
  • Sports
  • Feature
  • Health
  • World

Copyright © 2022 The Herald Ghana. All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist