The Chamber of Oil Marketing Companies has called on government to urgently communicate its decision on whether temporary interventions aimed at cushioning consumers against rising fuel prices will be extended.
According to the Chamber, delays in announcing government’s position are creating uncertainty for oil marketing companies and affecting pricing, procurement and supply planning within the downstream petroleum sector.
Speaking on Joy Business, Chief Executive of the Chamber, Riverson Oppong, stressed the need for government to provide clarity before the close of business to enable industry players make operational decisions.
“We as oil marketing companies are saying it should not be delayed. Today is the 13th, tomorrow is the 14th. We want to know what to do by end of business tomorrow because these kinds of decisions affect our operations, decision-making and liftings,” he stated.
Dr. Oppong appealed to government to clearly indicate whether it intends to continue or discontinue the temporary fuel price intervention programme, urging “Whether you are extending it or not, just come and tell us.”
He further commended the National Petroleum Authority (NPA) for initiating payments to oil marketing companies to offset debts arising from discounts previously granted on diesel.
“Today, the NPA has declared payment to my members for the debt that has arisen from the discount government gave on diesel, and I expect payment to go by Friday to the oil marketing companies and LPG marketing companies so that it does not bring financial burden on them,” he noted.
According to Dr. Oppong, timely reimbursement is necessary to prevent financial strain on industry players and ensure stability in fuel supply across the country.
He, however, acknowledged that the final decision on the continuation of the intervention programme ultimately rests with government.
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