The Chamber of Petroleum Consumers (COPEC) has urged Ghanaians not to panic over alleged reports that the 600,000 MT of Russian oil received, which is said to be at the Tema Oil Refinery (TOR) was going to cause an effect on the economy.
Preceding this, the European Union placed a ban on Russian products, diesel and fuel during the country’s invasion of Ukraine.
Clarifying the confusion about how this was interpreted by most Ghanaians, Executive Director of COPEC, Duncan Amoah argued that an embargo has not been placed on Russian oil, laying emphasis on the fact that, other countries such as India and China are currently buying oil from the battered country, though, at a capped price.
Mr. Amoah added that the Energy Think Tank can welcome any move by the government of Ghana to obtain cheap fuel without sanctions.
“If Russian cargoes were halted forthwith, crude prices could jump to 150 to 200 per barrel tomorrow morning, while their cargoes continue to be around. Fortunately for you and I, the very company known to have imported or received this cargo, the 80,000MT, a few days ago, is the Ukrainian company. So the very country that Russia is at war with has a subsidiary, that is buying Russian crude. I don’t think Ghana should panic over this. There’s really nothing in there. There’s really no discussion to be had.
“If that crude will come in cheaper, we at COPEC are all in for it. We would want to believe that at this point in time that energy cost or energy prices are very high, if there is an alternate way to bring in cheaper cargo that doesn’t carry any sanctions along with it, Ghana should explore that.”
Mr. Amoah
Meanwhile, there have been complaints rising from some petroleum products consumers, who claimed that their vehicles were damaged after using inferior fuel products, bought from some Oil Marketing Companies in the country.
NPA reassures Ghanaians that substandard fuel is not sold in Ghana
The National Petroleum Authority (NPA), in addressing this complaints, reassured the public that substandard fuel is not being sold in the country.
The CEO of the Authority, Dr. Mustapha Abdul Hamid, stated that, all petroleum products sold in the country have undergone thorough testing and have been certified for safe use.
“I have had people ask me even as recent as a few days ago, whether fuel is of the same quality across all Oil Marketing Companies (OMCs). In other words, there are Ghanaians who think that if you buy from GOIL, or you buy from SHELL or you buy from the top brands or the known brands, then you are more likely to be delivered quality fuel than if you bought from some other small oil company like Nuru Oil or something to that effect.
“Let it be stated that, the Quality Assurance Directorate of the NPA has standards for fuel quality in the country. In any event, it is the same fuel that is fed Star Oil, that is fed SHELL and that is fed GOIL, and so on and so forth. It’s from the same consignment of fuel that is imported into the country. So there is nothing like any Oil Marketing Company having sub-standard fuel or, that one oil company has fuel quality that is higher or better than another. So that ought to be known.”
Dr. Abdul Hamid
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