'I doubt BOST can provide a week's supply of fuel' - COMAC laments low reserves

The Chief Executive of the Chamber of Oil Marketing Companies, Dr Riverson Oppong, has raised concerns over the critically low levels of fuel reserves held by the Bulk Oil Storage and Transportation Company (BOST).

According to him, the current stock may not last more than a week, describing the situation as “terrifying.”

Amid rising tensions in the Middle East, analysts have expressed growing concern over Ghana's heavy reliance on imported fuel, which places the country at significant risk in the event of global supply disruptions.

“I doubt that, as we speak today, BOST can provide even a week’s worth of national fuel supply. That is very terrifying because BOST, as an institution, does not have its own stock of products stored for emergencies,” Dr Oppong was quoted as saying by citinewsroom.com.

He further explained that BOST is currently unable to obtain clearance from the Ministry of Energy and the National Petroleum Authority (NPA) to import fuel.

This lack of clearance, he noted, puts BOST at a disadvantage compared to private importers.

“LECAN is essentially the authorisation note that gives you the money and clearance to bring in a vessel. Without it, you cannot import fuel and BOST doesn’t seem to be getting it,” he added.

Earlier, the Chamber of Petroleum Consumers (COPEC) had raised similar concerns about the absence of fuel reserves, warning that Ghana could face increased fuel prices if global tensions persist.

SSD/MA