FUEL WATCH w/c 30th March: No fuel shortage, prices remain same despite drop in global markets
March 30, 2020
Gas and Fuel filling station will remain open during the two weeks lockdown in some parts of Ghana, the National Petroleum Authority (NPA) has assured. They have thus announced that there is no fuel shortage. However prices remain the same despite drop in global markets.
Consequently, in a statement issued by its corporate affairs department, the NPA discouraged the general public against panic buying.
Portions of the statement reads; “The NPA has noted with concern the panic buying of petroleum products as a result of anticipated shortages especially in areas affected by the two weeks mandatory lockdown in both Greater Accra and Ashanti regions which is to take effect at 1:00am on Monday 30th March 2020.”
“The NPA wishes to assure the general public that the country has adequate stocks of petroleum products and all retail outlets will be fully operational during the lockdown period. In view of this there will be NO SHORTAGES OF LPG, PETROL OR DIESEL in the country during and beyond the lockdown period,” another portion also reads.
The NPA further said that it has a duty to ensure consumers always have access to petroleum products, adding that it will continue to work with Petroleum Service Providers to ensure security of supplies.
“We therefore appeal to consumers of petroleum products to avoid the temptation of crowding at fuel stations.”
Prices of petroleum products still the same in Ghana
Meanwhile, oil prices in the international markets continues to fall, mainly due to the coronavirus pandemic, which is affecting prices of commodities in every corner of the globe.
For instance, prices of WTI Crude have reduced from $22.60 to $20.57 per barrel, representing a percentage decline of 4.37%.
Again, Brent Crude Oil prices have also fell from $28.57 to $26.77 per barrel, representing a 4.22% percentage decrease in prices.
Owing to this,Ghana Talks Business visited some OMCs in the capital over the weekend to find out whether they have responded to international price fall.
It was gathered that despite the reduction in the international markets, ex-pump prices at the various fuel stations in Ghana remain the same.
Even though the Oil Marketing Companies (OMCs) have reduced fuel prices twice already this pricing window, albeit not as much as expected by consumers, a further reduction will be a welcoming news to fuel patrons.
There are also some OMCs who are selling within the price range of the top five brands in the country.
An emerging OMC like Radiance, for instance, is selling a litre of Petrol at GH₵4.79 and Diesel at GH₵4.79. Union Oil is also selling petrol at GH₵4.79 and Diesel at GH₵4.81.
