The tax measure was introduced as a measure to cover maintenance, operating and expansion costs of petroleum product depots across the country.
In 2021, the BOST margin was increased from six pesewas to nine pesewas per litre of fuel.
Speaking at the first Annual General Meeting of Bulk Oil Storage and Transportation Company Limited (BOST), the sector minister explained that despite several calls to scrap the tax, government will ensure that proceeds are used wisely.
“The increase in the BOST Margin from six pesewas to nine pesewas per litre in 2021 aided the company to undertake the following major repair works among others; 12 out of 15 dissolution tanks were brought back to life, upgrade and replacement of loading valves across all the depots, Buipe-Bolgatanga petroleum product pipeline was restored, new Tema-Akosombo petroleum product pipeline were bought from Houston and the Bolgatanga petroleum export depot was revived,” the minister explained.
“I can promise that the BOST Margin is not going to be taken off petroleum products anytime soon. We’ll use the margin efficiently and effectively to protect the citizenry against private sector interests,” Dr. Opoku Prempeh pledged.
Touching on the country's fuel security, Dr. Opoku Prempeh said government remains committed to ensuring that there is enough fuel for consumers despite a decline in global oil production due to some external factors.
To address these factors, the Energy Minister underscored the importance of revamping the Tema Oil Refinery (TOR) which can improve Ghana’s fuel supply and export activity.
Dr. Matthew Opoku Prempeh, Energy Minister