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Business News Sat, 6 Jun 2020

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Minority calls on govt to reverse 100% increase in BOST margins

Minority parliamentarians have urged the government to reverse a 100 per cent increase of the BOST margins that has contributed to an increase in ex-pump prices.

Minority Spokesperson on Mines and Energy, Mr Adam Mutawakilu, said the increase in the in Bulk Oil Storage and Transportation Company Limited margin from 3pessewas to 6pessewas is badly timed and unnecessary.

Mr Mutawakilu told the Daily Graphic newspaper that BOST has been unable to account for the previous 3pesewas that was charged on a litre of petroleum products.

“We, therefore, call on President Nana Addo Dankwa Akufo-Addo to, as a matter of urgency, withdraw such increased margins, especially as Ghanaians are suffering from the impact of COVID-19,” the state-owned newspaper quoted the Minority spokesperson on its website.

Meanwhile, the Association of Oil Marketing Companies (OMC) has said that by Friday, June 5, 2020, its members will increase petroleum prices by a minimum of 14 per cent.

Kwaku Agyemang Duah, the association’s chairman, told the B&FT that the move is due to some significant events during June’s first pricing window – paramount among them being the increase of BOST’s margin from 3 to 6 pesewas, and also the about-22 – 25 per cent increase in the Bulk Distribution Company (BDC) ex-refinery price.

He added that petroleum prices are also being controlled due to competition among the 116 OMCs operating in the country, which are mindful of the decrease in volumes anytime there is a price increase.

Source: www.ghanaweb.com

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