Energy Ministry to maintain 6 pesewas BOST margin on petroleum products
Minister for Energy, Mathew Opoku Prempeh, has ignored calls for the repeal of the 6 pesewas charge per litre of petroleum products as revenue margin for the Bulk Oil Storage and Transportation Company (BOST).
According to the Minister, the levy is a strategic source of income for the State institution and will not be taken off anytime soon as suggested by consumers.
“I can promise Mr. Chairman that the BOST margin on the price build-up for petroleum products is not going to be taken out anytime soon. We will use the fund efficiently and effectively to protect the citizens against private sector interests which is always about profits for their businesses”.
“The margin will be accounted for and serve the people of Ghana to ensure that petroleum products are available in the country in case of any uncertainty,” he stated, speaking at the Annual General Meeting of BOST.
Adding that, the introduction and subsequent increase in the margin to 6 pesewas increased revenue for BOST by about 80% in 2021. BOST reported a profit before tax of GHS 164 million in 2021.
Also speaking at the AGM, was Board Chairman of BOST, Ekow Hackman who averred the company has experienced massive transformation and is on the path to declare dividends soon.
“Passion, performance and excellence remain at the heart of our business to ensure that we fulfill our mandate as a company and deliver value to the shareholder,” he noted.
