Ghana’s Minister for Energy, Dr. Matthew Opoku Prempeh says the government will not scrap the BOST Margin of nine pesewas on every litre of petroleum products, ostensibly saying the call for its scrapping is unreasonable.
Bulk Oil Storage and Transportation (BOST) Company Limited is a strategic fuel stock-keeping company.
The BOST Margin was introduced in 2011 on the price build-up to cover the maintenance and expansion of fuel infrastructure.
Some civil society groups and individuals, in recent times, have demanded that it be scrapped because it is no longer relevant.
But the Managing Director of the company, Edwin Nii Obodai Provencal insists the Margin is still useful because the company is utilising it effectively.
Speaking at the Annual General Meeting of BOST on Wednesday, Dr Opoku Prempeh indicated that the introduction and subsequent increase in the Margin to six pesewas have increased revenue for BOST by about 80 per cent in 2021.
“I can promise you that the BOST margin on the price build-up for petroleum products is not going to be taken out anytime soon. We will use the fund efficiently and effectively to protect the citizens against private sector interests which are always about profits for their businesses.
“The margin will be accounted for and serve the people of Ghana to ensure that petroleum products are available in the country in case of any uncertainty,” he said.
Board Chairman of BOST, Ekow Hackman told the board that the company has experienced massive transformation and is on the path to declaring 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.
Source: https://energynewsafrica.com
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