The National Petroleum Authority (NPA) has revealed that Ghana currently has a one-month supply of crude oil in storage capacity.

The Authority, however, is assuring the populace that there is no cause for alarm as they have the product available for the consuming public.

The admission follows Bloomberg’s prediction that Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

The monthly fuel import bill for Ghana jumped to $450 million in May, from $250 million in January.

The Central Bank is only offering about $100 million a month at its foreign exchange auctions making dollars difficult for the oil marketing companies to come by.

But the Director of Communications at the NPA, Kudus Mohammed, tells JoyNews in an interview that the situation is under control.

"We don’t have to grant permission to an unnecessary number of vessels that might bring the product so that you will be finding it difficult as to where to put them. So there is a certain regular timetable that guarantees who brings what at what time and the Planning Department is able to gauge at a particular time, what is the need of the consuming public, what is available across the country and who should actually be granted a permit.

“Diesel particularly is becoming a very scarce commodity in the market. So what is primarily important is the access of it and the regular amount which is supposed to be available to the consuming public as and when they will want it,” he told host George Wiafe.  

But Executive Secretary at the Chamber of Petroleum Consumers, Duncan Amoah, has attributed the current state of the oil sector to poor planning.

He warned that there could be shortages in August if immediate steps are not taken to stock up.

“If we wake up in August and Russia decides that it is tired of Ukraine and targets bigger powers, that is a full-scale war. Cargos cannot move and one month [crude oil] is all the private capital is able to provide.

“Should the country ground to a halt in four weeks? We are not planning and the situation is very volatile,” he noted.

Meanwhile, as the country complains about the rising cost of fuel at the pumps, the Chief Executive of the Chamber of Bulk Oil Distributors says the country is not paying the realistic price for the products.

According to Senyo Hosi, the situation is leading to massive losses for the chamber.