The Chamber of Oil Marketing Companies (COMAC) wishes to address recent media reports suggesting that its Chief Executive Officer, Dr. Riverson Oppong, cautioned about an imminent fuel shortage in the country. We hereby clarify and provide accurate, factual information, regarding the current fuel supply situation and the Gold-for-Oil policy.

Contrary to the reports, Dr. Oppong did not issue a warning of an impending fuel shortage. His remarks were intended to update stakeholders on the temporary reduction in petrol stock, which arose from various operational factors, including the suspension of refining activities at Sentuo Oil Refinery.

It is important to note that the current stock of petrol can cover about three (3) weeks of the country’s demand. The current import plan also shows that vessels are actively discharging petrol, while others are at anchorage waiting to discharge. As such, there is no cause for alarm, and any risk of a fuel shortage has been effectively mitigated.

Additionally, Dr. Oppong did not state at any point that the Gold-for-Oil (G4O) policy is a solution to the issue of fuel shortages. Rather, he commented on the government’s G4O policy, advocating for a review to optimize its implementation and usefulness. His recommendation reflected the evolving consumption dynamics in the industry, since the policy's inception. Further, the Chamber remains supportive of initiatives developed to enhance efficiency, stability, and sustainability within the petroleum sector, and is committed to collaborating with all relevant stakeholders to achieve these objectives.

Subsequently, the Chamber takes this opportunity to urge media outlets to report responsibly and avoid disseminating information, that may cause unnecessary public anxiety. We assure the public that there is no looming fuel shortage, as adequate supplies are currently available at the ports, with additional volumes expected to further cushion the market.

We express our gratitude to the public and our cherished consumers for their continued trust and support, as stakeholders work together to ensure a resilient and efficient petroleum market.

Signed
CEO/Industry Coordinator
January 15th 2025.