IES Blames BOST for Fuel Price Surges in Ghana

by Hot Stories Ghana
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The Institute of Energy Security (IES) has partly blamed the Bulk Oil Storage and Transportation Company Ltd (BOST) for the recent fuel price increases in Ghana. According to IES Research and Policy Analyst Xatse Derrick Emmanuel, BOST’s inability to store enough fuel to support the economy during international price crises has worsened the situation for local markets and consumers.

In an interview on Adom FM’s Dwaso Nsem, Xatse highlighted that BOST should store petroleum products for three to six months but currently cannot even store up to three months’ worth. Despite receiving funds for expansion and maintenance, BOST rents out its tank farms instead of using them for fuel storage.

The IES predicts a 2% rise in petrol prices, a 4% increase in diesel prices, and a 5% hike in Liquefied Petroleum Gas (LPG) prices starting July 1, 2024. These increases are attributed to the cedi’s depreciation against the US dollar and rising international petroleum prices.

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