‘BOST Margin Won’t Be Abolished’

Dr. Mathew Opoku Prempeh

Energy Minister, Dr. Mathew Opoku Prempeh has indicated the government’s resolve to maintain the 6 pesewas per litre Bulk Oil Storage and Transportation Company Limited (BOST) margin on petroleum products.

Speaking at the 2022 Annual General Meeting of BOST, Dr. Mathew Opoku Prempeh said the BOST margin has come to stay despite calls by stakeholders for the margin to be removed to cushion petroleum product consumers against high fuel prices.

“I can promise that the BOST margin on petroleum products is not being taken off anytime soon,” he announced. “We will use the BOST margin efficiently and effectively to protect the citizens of this country against the vagaries of private sector interest, which has always been about profit.”

The BOST margin was implemented on the price build-up in 2011 to cover the maintenance and expansion of infrastructure at the state company.

In December 2019, it was increased to 6 pesewas from 3 pesewas after several demands by BOST.

Stakeholders in the energy sector asked the National Petroleum Authority (NPA) to withdraw the increment.

They argued that Ghanaians were already facing difficult times due to high petroleum price build-up and fuel prices.

Board Chairman of BOST, Ekow Hackman told the board that the company has experienced massive transformation and on the path to declare dividends soon.

“Passion, performance and excellence remain at the heart of our business to ensure that we fulfill our mandate as a company and deliver value to the shareholder” he noted.

By Jamila Akweley Okertchiri