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Government owes BDCs GHc3.4 billion

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Government owes the Bulk Oil Distribution Companies (BDCs) over GHC 3.4 billion in under recoveries as of June 18, 2015, the Ghana Chamber of Bulk Oil Distributors (CBOD) has said.

The under recoveries mostly came about due to the exchange rate, under recovery loss and price under recovery losses.Speaking at a forum on the petroleum downstream sector, the Chief Executive Officer of the CBOD, Senyo Hosi insisted that, not only is the current regime of petroleum pricing unsustainable, it is also likely to cause another fuel shortage.

The National Petroleum Authority (NPA) has ceded its role in petroleum pricing to the BDCs but Mr Hosi argued that that depoliticizing petroleum pricing and the total liberalization of the pricing formula will only be an interim solution.

– Source: http://business.citifmonline.com/2015/06/24/government-owes-bdcs-ghc3-4-billion

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