Director for the Institute for Energy Security (IES), Nana Amoasi VII, has described the Bulk Oil Storage and Transportation Company Limited (BOST) as having failed to live up to its mandate.
He revealed that Civil Society Organizations (CSOs) “willingly supported BOST to have more than a 100 percent rise in the BOST margin but they (BOST) have failed to live up to an essential part of their mandate.”
According to him, the BOST margin was meant for the construction and maintenance of its assets “including products in tank. The product in the tank is an asset that can be used to produce and maintain gasoline at good prices. This way when international market prices rise, we can use what we have to cushion customers, ensuring price and supply stability.”
In an interview with Samuel Eshun on the Happy Morning Show, he indicated that the sharp rise in fuel prices could have been prevented if BOST was performing its duty effectively and efficiently. “BOST has failed to live up to its mandate over the last five years and I tell you in their books, they don’t have any stock to meet our demands for 3 days.”
Nana Amoasi VII believes Ghana’s petroleum sector has been supported by Bulk Distributing Companies (BDCs). “They have done good work over the past few years and have ensured consistent supply of the product in these past few years. We hope that whatever is happening today they will be able to sail through and ensure stability is maintained. We have to forget BOST and look elsewhere,” he reiterated.
The Institute of Energy Security (IES) has warned that the further depreciation of the cedi could lead to an imminent fuel shortage in the country.
According to the Executive Director of IES, Nana Amoasi VII, this is bound to happen in the coming weeks if measures are not taken to stop the sharp decline of the cedi.
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