IES predicts gas shortage

File Photo
File Photo

Institute For Energy Security (IES) has forecast a possible shortage of Liquefied Petroleum Gas (LPG) this month.

In a statement issued by the IES in a review of the second pricing window for August 2016, it explained that “within the first pricing window, the Institute For Energy Security foresees another round of Liquefied Petroleum gas shortage on the local market.”

The Institute pointed out an increase of between 18 and 20 pesewas per litre on petrol and diesel to reflect developments on both the international and local oil market, following the rebound in the global oil market price of both crude and refined petroleum, decrease in new imports to boost national stocks, and the relative stability of the cedi against the U.S. dollar.

“Although the increment of around 6% may be justified, the IES wishes to entreat Oil Marketing Companies and Bulk Oil Distribution Companies not to feed on the desire to make profit on old stocks, and overshoot prices way above logical levels,” IES indicated.

According to IES, “Also within the first pricing-window, the Institute for Energy Security foresees another round of Liquefied Petroleum Gas (LPG) shortage on the local market.”

Meanwhile, IES in the statement said over the last two weeks, the Ghana cedi has remained relatively stable against the U.S. dollar, according to data from the Bank of Ghana (BoG).

“Also, the combined national stock for diesel and petrol fell from 482 million litres to 395 million litres as importers remain wary of bringing in additional cargoes, especially diesel; in the face of rising world market prices and hoping to draw-down old stocks on account of current prices”.

“…Today the diesel fuel stock held in-tank is less than 118 million litres, incapable of meeting two weeks of national fuel demand.

 

Source: Ghana/todaygh.com

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