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Gov't subsidising state-owned oil companies - BDCs
The Chief Executive Officer of the Chamber Senyo Hosi told B&FT that the government does this to help the state-owned oil company to outcompete the oil companies in the private sector.
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The Chief Executive Officer of the Chamber Senyo Hosi told B&FT that the government does this to help the state-owned oil company to outcompete the oil companies in the private sector.
Hosi, said government manipulates the prices through GOIL and the Bulk Oil Storage and Transportation Company Limited (BOST) by staying the prices at the pump. He explained that this leads to a stay in prices at the pump for other Oil Marketing Companies and BDCs.
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“I think the market would have to be a level playing field for all of us. Government has, a lot of the time, I think, cushioned its companies like BOST and GOIL with subsides which has resulted in GOIL, in particular, not increasing its prices at the pump when petroleum prices have gone up on the market.”
He described this move by government as unfair since other OMCs and BDCs who don’t’ receive such subsidies are affected negatively.
“I thought subsides have been scrapped,” he quizzed.
Government started removing the subsidies on fuel products in 2014 to reduce the burden on government.
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