Three cargos of Gold for Oil (G40) petroleum deal have arrived in the country comprising 40,000 metric tonnes of diesel and another 40,000 metric tonnes of diesel, and 35,000 metric tonnes of petrol.
The Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid, who disclosed this at a media briefing in Accra on Wednesday said it is to ensure that fuel is affordable across the country.
“This initiative would slightly lower prices and reduce the forex risk of petroleum products across the country. Better results are expected as more G40 cargoes arrived,” he stressed.
According to him, the payments for the oil supply are made through two channels by way of barter trade where gold is exchanged for oil, or via broker channel where the gold is converted into cash and paid to the supplier.
He disclosed that the NPA and the Association of Oil Marketing Companies (AOMCs) have agreed that only OMCs with more than 45 outlets would receive the G40 products, ensuring that the programme’s impact on price reductions is felt across the country.
“This time, we are monitoring to ensure that we are selling only to OMCs that have the highest presence in terms of the number of outlets and also the spread of the outlets across the country so that the impact is felt across the country,” he stated.