Fuel price increase: Ensure BOST, TOR are fully operational - COPEC to govt

BOST and TOR will reduce the cost of fuel transportation

Reduction in fuel transportation cost will reduce ex-pump prices - Duncan Amoah

Global oil prices will hit record levels this year

Executive Secretary of COPEC, Duncan Amoah, has said BOST and TOR can protect Ghanaians from the impact of the fuel price increase which was expected to hit record levels in 2022.

In a Citibusiness.com report, the executive sectary of COPEC (Chamber of Petroleum Consumers Ghana), said to mitigate the impact of global increases in full price the government must ensure that both BOST and Tema Oil Refinery (TOR) are fully operational.

“The strategy for Ghana as a country will be to ensure BOST is very active and ensure again that the refinery is also active. Once you put these two together, you are in a very good space to get certain things running for Ghanaians.

"BOST has also brought down pipelines that should aid in the transportation of oil from one point to the other and reduce the pressure on our roads. We are encouraging, BOST to ensure that these pipelines are as soon as possible, fixed and made to work," citibusinessnews.com quoted him.

Duncan Amoah said once the two state agencies are fully operational, the cost of fuel transportation which is factored into the ex-pump price of fuel will reduce.

He added once Bulk Oil Storage and Transportation Company Limited (BOST) was fully operational it could also strategically store more fuel reserves for the country.

“Once that works, the cost of fuel transportation, which we pay for in the price build-up the taxes would at least go down and fuel prices can come down a bit. This should be our key strategy, at least for 2022 bearing in mind that international market prices are set to simply go up and, so BOST again would also have to take advantage of their large capacity to hold fuel reserve,” he said.