Gold for oil a possible cause of GOIL’s petrol shortage – COPEC

The Chamber of Petroleum Consumers (COPEC) has blamed the mode of implementation of the Gold for Oil Policy for the likely shortage of fuel at some GOIL fuel stations.

Citi News checks at some GOIL fuel stations at Tudu, 37, Tantra hill in Accra and some other pumps across the country show that GOIL has been lacking fuel, most specifically – Petrol.

Reacting to the development on Eyewitness News on Citi FM, the Executive Secretary of COPEC, Duncan Amoah said the Gold for Oil Policy has disrupted the market and may have caused the shortage.

“If you are asking cash for Gold for Oil products when the other traders could simply bring them products on credit, you will simply lead to market disruptions.

“I will not be surprised to see that at some point we will abandon the programme altogether because it probably might not be bad if you look at the premise of it trying to save the forex situation but as to whether the module where you bring in so much documentation before you are able to buy the products before that you need to make available ready cash, the market does not operate like that.”

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