The President of the National Petroleum Authority (NPA) says it has in discussion with the Association of Oil Marketing Companies (AOMCs) think of models for the circulation of the following transfer of oil based commodities under the Gold for Oil (G4O) program.
Dr Mustapha Abdul-Hamid said this is to guarantee that the effect of the G4O program is felt by buyers the nation over, while tending to the worries of the AOMCs in regards to an absence of clearness in regards to the distribution of items provided under the program to its individuals.
The rules think about the best 25 OMCs that disseminated petroleum and diesel in 2022 with at least 45 retail outlets the nation over.
He promoted the execution of the G4O as it has marginally brought down the costs of oil based commodities and diminished forex risk.
Talking at the meet-the-press in Accra on Wednesday, the NPA Manager said the nation had gotten three cargoes up until this point, containing 41,000 metric tons (MT) of diesel in January, and another 40,000MT of diesel and 35,000MT of petroleum which has quite recently shown up and being released.
Gold-4-Oil: Just OMCs with at least 45 outlets will get items - NPA Chief
He focused on that "improved results are normal as more G4O cargoes show up."
The meet-the-press under the support of the Service of Data that highlighted the NPA, zeroed in on advancements in the downstream oil industry on the topic: "Petrol Downstream: Hindsight and Prospect."
Following the circumstance before the execution of the G4O program, Dr Abdul-Hamid
said normal month to month oil based good import bill went from $350 million to $400 million.
He said the oil downstream dollar request represented 20% of public interest.
The NPA Manager noticed that Bank of Ghana (Swamp) started a unique conversion scale sell off program for the petrol downstream in April 2022, and demonstrated that the extraordinary sale program couldn't meet 100% of forex request in the country.
"Insufficiency of Swamp supply pushes BIDECs to estimate forex rates randomly founded on proposed rates from business banks", he said, and made sense of that the gold installment was mooted as an answer for the tension that oil downstream put on the cedi.
Dr. Abdul-Hamid said the NPA manages G40 items costs on the in-between time (Ex-ref cost and Ex-siphon costs).