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The primary consignment of petroleum merchandise delivered below the federal government’s Gold for Oil Coverage can serve customers between 10 to fifteen days, the Bulk Oil Storage and Transportation Firm (BOST) has stated.
The Firm confirmed to the Ghana Information Company that it has taken supply of about 41,000 metric tonnes of the petroleum merchandise, valued at about $43 million on the Tema Port.
Mr Marlick Adjei, Head of Communications, BOST, informed the GNA that the Firm was within the technique of finishing the mandatory protocols to start discharging the merchandise into its tanks for onward sale to Bulk Distributing Corporations (BDCs).
The federal government introduced the Gold for Oil Coverage in November final 12 months as an revolutionary measure to alternate gold for petroleum merchandise as a substitute of US {dollars}.
The federal government stated the transfer was meant to cut back the demand for {dollars} for the importation of petroleum merchandise and by extension cut back the speed of depreciation of the cedi.
It’s estimated that the nation required about $400 million to import petroleum merchandise month-to-month.
Mr Adjei stated the arrival of the primary consignment of petroleum merchandise below the Coverage was an addition to current volumes already being offered to the BDCs.
He stated the about 41,000 metric tonnes of petroleum merchandise would serve the nation for about two weeks.
“We’re assuring Ghana that as and when our projections and mathematic favour the nation, the wanted consignments shall be organized and shall be shipped.
“As we come by way of with the volumes, we anticipate that within the subsequent couple of weeks, the subsequent ticket shall be additionally crusing by way of,” he stated.
Requested if the arrival of the primary consignment would have an effect on costs on the pumps, Mr Adjei stated that may be tough to find out now.
He stated the primary purpose of the Coverage was to ease the strain on demand for the Greenback, which in flip would assist to cut back the depreciation of the cedi.
“The ex-pump value of petroleum merchandise is the perform of the price of the product, the transportation aspect and the alternate fee between the cedi and the greenback; so something factor that drives down the alternate fee is almost certainly to have an effect on the value we can pay on the pumps,” he stated.
In the meantime, the Institute for Vitality Safety (IES) has indicated that the Gold for Oil deal wouldn’t result in a discount in costs of petroleum merchandise on the pumps if the cedi failed to understand in opposition to the greenback.
Mr Fritz Moses, Analysis Analyst, IES, stated the cedi within the final two weeks alone depreciated by about 10 per cent in opposition to the greenback.
He stated the arrival of the primary consignment of petroleum merchandise below the Gold for Oil Coverage wouldn’t mirror in costs as a result of oil advertising firms would value their merchandise based mostly on the alternate fee.
“These volumes (of petroleum merchandise) arrived just a few few days in the past and OMCs are already in contract with the BDCs to ship merchandise up to some extent in time.
“So if the brand new merchandise hit the market and the cedi continues to depreciate like we’re seeing within the present pricing window, then it is not going to mirror in costs on the pumps,” Mr Moses stated.
Supply: GNA
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The primary consignment of petroleum merchandise delivered below the federal government’s Gold for Oil Coverage can serve customers between 10 to fifteen days, the Bulk Oil Storage and Transportation Firm (BOST) has stated.
The Firm confirmed to the Ghana Information Company that it has taken supply of about 41,000 metric tonnes of the petroleum merchandise, valued at about $43 million on the Tema Port.
Mr Marlick Adjei, Head of Communications, BOST, informed the GNA that the Firm was within the technique of finishing the mandatory protocols to start discharging the merchandise into its tanks for onward sale to Bulk Distributing Corporations (BDCs).
The federal government introduced the Gold for Oil Coverage in November final 12 months as an revolutionary measure to alternate gold for petroleum merchandise as a substitute of US {dollars}.
The federal government stated the transfer was meant to cut back the demand for {dollars} for the importation of petroleum merchandise and by extension cut back the speed of depreciation of the cedi.
It’s estimated that the nation required about $400 million to import petroleum merchandise month-to-month.
Mr Adjei stated the arrival of the primary consignment of petroleum merchandise below the Coverage was an addition to current volumes already being offered to the BDCs.
He stated the about 41,000 metric tonnes of petroleum merchandise would serve the nation for about two weeks.
“We’re assuring Ghana that as and when our projections and mathematic favour the nation, the wanted consignments shall be organized and shall be shipped.
“As we come by way of with the volumes, we anticipate that within the subsequent couple of weeks, the subsequent ticket shall be additionally crusing by way of,” he stated.
Requested if the arrival of the primary consignment would have an effect on costs on the pumps, Mr Adjei stated that may be tough to find out now.
He stated the primary purpose of the Coverage was to ease the strain on demand for the Greenback, which in flip would assist to cut back the depreciation of the cedi.
“The ex-pump value of petroleum merchandise is the perform of the price of the product, the transportation aspect and the alternate fee between the cedi and the greenback; so something factor that drives down the alternate fee is almost certainly to have an effect on the value we can pay on the pumps,” he stated.
In the meantime, the Institute for Vitality Safety (IES) has indicated that the Gold for Oil deal wouldn’t result in a discount in costs of petroleum merchandise on the pumps if the cedi failed to understand in opposition to the greenback.
Mr Fritz Moses, Analysis Analyst, IES, stated the cedi within the final two weeks alone depreciated by about 10 per cent in opposition to the greenback.
He stated the arrival of the primary consignment of petroleum merchandise below the Gold for Oil Coverage wouldn’t mirror in costs as a result of oil advertising firms would value their merchandise based mostly on the alternate fee.
“These volumes (of petroleum merchandise) arrived just a few few days in the past and OMCs are already in contract with the BDCs to ship merchandise up to some extent in time.
“So if the brand new merchandise hit the market and the cedi continues to depreciate like we’re seeing within the present pricing window, then it is not going to mirror in costs on the pumps,” Mr Moses stated.
Supply: GNA
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