Dr. Mathew Opoku Prempeh, Energy Minister, says the government has no intentions to reduce the 6 pesewas Bulk Oil Storage and Transportation Company Limited (BOST) margin on petroleum products.
The government has recently been chastised for removing the BOST margin to protect petroleum product users from rising fuel prices.
Dr. Mathew Opoku Prempeh, speaking at the BOST 2022 Annual General Meeting, stated that the BOST margin is here to stay.
“I can promise that the BOST margin on petroleum products is not being taken off anytime soon. 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 established on the price build-up in 2011 to fund the state company’s infrastructure upkeep and expansion.
It was raised from 3 to 6 pesewas in December 2019.
The National Petroleum Authority (NPA) was asked to remove the increase at the time by stakeholders in the energy sector.
However, they argued that Ghanaians were already struggling due to rising petroleum costs and fuel prices.
Taxes and levies account for over half of the final ex-pump price of gasoline.
