Following attempts by the Bulk Oil Storage and Transportation Company Limited (BOST) to sell contaminated fuel to some oil marketing companies, reports say Ghana is likely to lose about 7 million cedis in revenue
Documents indicate that BOST has agreed to sell about 5 million litres of contaminated fuel to Movenpinna Energy.
Reports BOST has agreed to sell off an estimated 186,000 litres of contaminated fuel to the oil company.
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Principal Research Analyst at the Institute of Energy Security (IES), Richmond Rockson tells Citi News says the move will have dire consequences on consumers if not stopped.
“For BOST to be selling this quantity to individuals at that amount is just unfortunate; government should not be seen as leading the way when it comes to selling contaminated fuel unto the market. If BOST is to be selling the product at a cost of 2.50 per litre, then we would be talking about 12 million cedis but we understand it is being sold at 1 cedi per litre so we realize the amount of money that Ghana is losing,” he stated.
Richmond Rockson further queried why the state oil distributor will agree to sell off such huge quantities granted it is even being requested by manufacturing companies such as soap making ones.
He argued that the apparent inability of regulators to track the amount of contaminated products sold off could increase the hazards associated with the development.
The development comes months after the National Petroleum Authority (NPA) uncovered a syndicate of companies involved in the illegal sale of petroleum products at the country’s ports.
The situation is said to have rendered some legitimate Oil Marketing Companies (OMCs) uncompetitive over unfair pricing on the market.
About 4000 direct and indirect jobs are likely to be lost as a result if the appropriate authorities fail to intervene.
BOST is however yet to officially comment on the latest development.