The Chief Executive of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies, has expressed dissatisfaction with the Gold-for-Oil (G4O) programme, stating that it did not serve its intended purpose.
Dr Riverson Oppong speaking on Joy News’ PM Express on Tuesday, February 4, said the initiative failed to stabilise energy prices and even contributed to fuel shortages towards the end of the year.
“In the long run, because we have seen how this was introduced, and also the fact that it absolutely didn’t curb energy pricing in any way.
“But rather, in the latter days of the year, we saw energy, in terms of fuel shortage in the country, because the BDCs could not plan along with the Gold-for-Oil supply, and therefore we were reluctant in importing,” he explained.
He further questioned whether the programme had achieved its primary goal of reducing fuel prices.
“In terms of the pricing, did Gold-for-Oil bring prices down as we anticipated? The answer is a big no,” he stated emphatically.
“So we industry players are waiting to hear from government on what it intends to bring on board to replace the existing framework, and I believe with dialogue we will be able to bring a better solution.”
