Edwin Alfred Provencal
The Bulk Oil Storage and Transportation (BOST) has clarified the statement made by its Managing Director, Edwin Alfred Provencal on the country’s fuel cover.
According to the statement released by the Corporate Communications and External Affairs, there is no such thing as an eminent shortage of Petroleum products in the country in the days ahead.
It has therefore described a publication attributing a prediction of eminent fuel shortage in the country to the BOST MD is unfounded.
It explained that while on a morning show on September 19, 2022, Mr. Provencal passed a comment on the strategic stocks of the nation stating, “as we speak there are no strategic stocks in storage.
The strategic stocks levy was zeroed out in the year 2006. The fuel stocks in our tanks are financed through arrangements with financial institutions which require we sell within a reasonable time to avoid refinancing.”
It further went on, “Instead of the expected minimum of six weeks of national demand in storage as per the second mandate, BOST currently has stocks which can only last thirteen (13) days in the event no further imports of products are carried”.
The statement thus noted that the reference to stocks was in reference to BOST owned products in its tanks.
“At any material moment, the total quantities of product available in the country, thus across all tank farms as tracked by the National Petroleum Authority, NPA, includes BOST stocks and stocks of private Bulk Distribution Companies, BDCs,” it added.
It said the NPA estimates that the total volumes available in country as at September 20 2022, is equivalent to 43 days of national demand.
“Of the quantity, BOST holds what can last thirteen days whilst the BDCs together are holding close to thirty (30) days of national demand.
The publication is therefore misleading. It regulates BOST stocks to total product stocks available in country and concludes that there is eminent danger of product shortage,” it said.
By Jamila Akweley Okertchiri