BOST REFUTES ALLEGATIONS … On Looming Fuel Shortage

The Bulk Oil Storage and Transportation company (BOST) has denied claimed in the media that there is a looming fuel shortage

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GHANA HAS ONLY 13 DAYS OF FUEL COVER-BOST MD REVEALS
Accra-September 21, 2022- We have taken notice of a publication attributing a prediction of eminent fuel shortage in the country to our Managing Director, Mr. Edwin Alfred Provencal. The allegation is unfounded, and we wish to dispel it as follows: 1. The Managing Director was on Kokrokoo on Peace Fm on Monday, 19th September 2022. 2. He passed a comment on the strategic stocks of the nation which went as follows:‘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. 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’.
3. The reference to stocks was in reference to BOST owned products in our 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. The NPA estimates that the total volumes available in- country as at today September 20th 2022 is equivalent to 43 days of national demand.
4. Of the quantity, BOST holds what can last thirteen days whilst the BDCs together are holding close to thirty (30) days of national demand.
5. The publication is therefore misleading. It equates BOST stocks to total product stocks available in-country and concludes that there is eminent danger of product shortage.
6. We wish to assure the general public that there is no such thing as an eminent shortage of petroleum products in the country in the days ahead. 7. God bless our homeland Ghana.

—End of Statement—