No fuel shortage - BOST debunks reports

Md Bost 2019 Md?resize=1000%2C600&ssl=1 Edwin Provencal, Managing Director (MD) of the Bulk Oil Storage and Transportation (BOST)

Fri, 23 Sep 2022 Source: atinkaonline.com

The Bulk Oil Storage and Transportation Company has debunked reports attributing a prediction of imminent fuel shortage in the country to its Managing Director, Edwin Alfred Provencal.

In a statement, it said the allegation is unfounded.

“The Managing Director was on Kokrokoo on Peace Fm on Monday, 19th September 2022. 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 13 days in the event no further imports of products are carried”.

“The reference to stocks was about 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 the country as of today September 20th, 2022 is equivalent to 43 days of national demand”.

Of the quantity, BOST said it holds what can last 13 days, whilst the BDCs together are holding close to 30 days of national demand.

It pointed out that the publication is therefore misleading, adding, “It equates BOST stocks to total product stocks available in-country and concludes that there is imminent danger of product shortage.

“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”, it concluded.

Source: atinkaonline.com