Accra: The Deputy Managing Director of Bulk Oil Storage and Transportation Company Limited (BOST), Nat Salifu Acheampong, has revealed that the company is at risk of losing nearly GHS40 million in April as a consequence of the government's decision to suspend the BOST margin on diesel.
According to Ghana Web, Acheampong explained in an interview with JoyNews that while the margin on petrol remains unchanged, the removal of the margin on diesel will have a significant impact on the operations and infrastructure projects of the state-owned company. He emphasized that the government has assured the suspension is only a temporary measure.
BOST heavily depends on this margin to fund critical infrastructure projects, including the upgrade of its Accra-to-Akosombo pipeline, which is planned to be expanded from a six-inch to a 12-inch line to enhance efficiency and serve the entire country. Acheampong warned that without the BOST margin, the company may not be able to replace the existing pipeline, which is crucial for national benefit.
Acheampong expressed that the monthly financial impact of the suspension is considerable, highlighting the potential loss of GHS40 million in April alone as a serious concern for the company's financial stability. He called on Parliament to act to restore the margin once the current crisis subsides, underscoring the importance of these funds for BOST to continue fulfilling its national obligations.
The BOST margin is a levy applied to petroleum products, serving as a financial resource for maintaining strategic fuel reserves and national fuel infrastructure.