The National Petroleum Authority (NPA) has stated that fuel products under the Gold for Oil will only be distributed to Oil Marketing companies with not more than 45 retail outlets.
According to NPA, the move is to ensure that the G4O is spread across fuel stations nationwide and for the impact on the reduction of fuel prices to be felt by Ghanaians.
It said this will not collapse the smaller OMCs explaining that with time the smaller OMCs would be roped in later.
Dr. Mustapha Hamid, Chief Executive of NPA made this known at the Minister’s press briefing on the topic: Petroleum Downstream; Retrospect and Prospect.
” One of the highest buyers in the Gold for Oil products in the first consignment was GOIL. Their prices was brought down to about 70 pesewas, other OMCs that also got some consignment of Gold for Oil gave us a reduction of about 10 -20 pesewas.
That’s still not significant. So this time, NPA’s gold for oil team have come out with a brilliant idea that in this second consignment of Gold for Oil products that have come we are going to sell only to OMCs with not less than 45 outlets.
There are 150 Oil Marketing Companies, if you are selling little little to all of them you will not realise the impact but if you are selling to the people with the highest number of outlets then its effects will be felt across the country in terms of the price reduction,” He said.
