Minister of Information and Media Relations, Mahama Ayariga has said that President Mahama had directed the Finance Minister to release $60million to the Bulk Oil Distribution Companies (BDCs).
This, he said, was to ensure adequate supply of fuel in the system.
There is fuel shortage in some cities across the country, including Accra, Cape Coast, Tema and Kumasi.
Hundreds of vehicles have queued at various filling stations hoping to fill their fuel tanks.
Both motorists and passengers are complaining bitterly about the situation because according to them, it is hindering their movements and making them unproductive.
Government owes the BDCs GHC 1.8 billion and as a result, international suppliers of petroleum products have refused to release a week’s supply of petrol and diesel until the BDCs honour their debt obligations.
Reports further indicate that local banks have declined to issue letters of credit (LCs) to the BDCs to pay off their debts to their international suppliers because the current debt is threatening the survival of the banks.
The Information Minister stated that when the debt is settled, government will consider whether it is imperative for it to continue subsidizing petroleum products.
He said government regrets the level of inconvenience the fuel shortage is causing the general public and its failure to keep up with the provision of subsidies on petroleum products.
Business World (with notes from citifmonline)