Utilise operationalisation of BOST to address fuel price hikes – COPEC to government

• Prices of petroleum products have been increasing throughout the year

• Diesel and petrol are currently selling at GH¢6.90 per litre at some pumps

• The implementation of the PSRL was expected to take effect on November 1

Government has been urged to utilise the operationalisation of the Bulk Oil Storage and Transportation (BOST) in

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In the past few weeks, prices of petroleum products across various pumps have been surging with consumers and commuters increasingly worried. Already, diesel and petrol are currently selling at GH¢6.90 per litre at some pumps

Reacting to the development in an interview with TV3, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah stressed, “If we wait for transport operators to increase their fares which would affect food cost, which would affect the cost of goods and services, eventually everything will go up. If somewhere later next year, prices decline sadly, the cost of living will not decline because it has already gone up.”

“So, if we have a window to manage it today let us manage. The facility BOST should be put to good use and you cannot have those huge tanks that fail to stock up when prices are lower. This is where you would have needed strategic stock to kick in if we had. Because during winter prices for fuel would naturally go up,” Duncan Amoah added.

He continued, “We are not taking advantage of the leverage BOST would have provided to save all Ghanaians so we don’t have strategic stock and that is a danger.”

The issue of fuel price increment ultimately affects the cost of goods and service delivery and to mitigate the impact of petroleum price build-up on consumers, government through the National Petroleum Authority (NPA) on October 11, 2021, granted approval for the removal of Price Stabilisation and Recovery Levies on petrol, diesel, and LPG for two months.

But the move is yet to fully take effect as Parliament is yet to pass legislation.