BOST uncovers blackmarketers in petroleum sector

The Bulk Oil Storage and Transportation Company Limited (BOST) on Monday revealed that it has uncovered some Ghanaians and foreigners who have entered into the petroleum sector (Petroleum Black Market dealers) whose operations are inimical to the economy.

BOST has therefore pitched its operations to topple the activities of the unscrupulous and irresponsible black market dealers, who over the years had manipulated the downstream sector, which accounted for the high fuel prices. “Government cannot leave such a sensitive national issue wholly in the hands of a few private men who have formed a league to exploit the state,” Mr Ekoy Sey, BOST Senior Staff Union Secretary stated.

Mr Sey addressing newsmen in Accra explained that BOST has established a national interest operational relationship with Ghana Oil Company Limited (GOIL) the nation’s foremost indigenous Oil Marketing Company (OMC) and GO Energy a subsidiary of GOIL operating in the Bulk Distributing stream to protect Ghana from the exploitation of the black market dealers.

The BOST Union expressed dissatisfaction that fuel prices at the pump was about GH¢4.51 per litre on the average, which was about GH¢20.30 per gallon “we have the capacity with appropriate governmental support to bring the price down and maintain it at a lower price level for long period through the trading arrangement existing between BOST, GO Energy and GOIL. 

“If the situation is not arrested the prices of fuel will continue to go up again, especially in the next pricing window, thereby rendering the tax reduction granted ineffective, which would have a multiple effect on the Ghanaian economy. 

“Government must support BOST to take control of the petroleum sector to make life easy for Ghanaians,” he said.

He also appealed to the Ministry of Finance and the Bank of Ghana to waive the single obligor limit on the line of credit to BOST for petroleum product importation. 

Mr Sey also called for a non-partisanship support to enable BOST to fight the petroleum sector cartel, which was the cause of the high petroleum prices. 

“High petroleum prices affect everyone be it New Patriotic Party, National Democratic Congress, Convention Peoples’ Party among others. The bottom line is that every Ghanaian is affected by the high petroleum prices. We must all support BOST to bring petroleum prices down to ease the pressure on ordinary citizen,” he said.

Mr Sey revealed that the Junior Staff Union and the Senior Staff Union were jointly appealing to government to support BOST to stabilise petroleum prices in the country. 

The BOST workers jointly reiterated that it was only BOST that had the adequate infrastructure and the human resource capacity to bring the petroleum prices down, so government should pay attention to them and ignore the selfish and greedy people who have formed a cartel that had dominated the industry to the detriment of the economy.

BOST exist as the number one fuel and logistics business entity to manage the business of storage and transmission of fuels, focusing on excellence in security, safety and profitability.

It is also mandated to monitor and control the operation of the national interconnected network for the transmission of natural gas in areas within the country, and to ensure the safe, reliable and economic transportation of natural gas facilities connected to the transmission system, and to provide transmission interconnection services without discrimination to other licensees in the natural gas industry.

Source: GNA

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