Gold for Oil: BOST sells first consignment of fuel
The Bulk Oil Storage and Transportation Company (BOST), on Thursday, January 19, began selling petroleum products obtained through the gold for oil barter arrangement.
According to reports, GOIL and other Bulk Oil Distribution Companies have received fuel for the market. However, what is currently being sold accounts for only 20% of Ghana’s market needs.
The Bank of Ghana has stated that consumers should not expect an immediate decrease in the price of petrol and diesel at the various fuel pumps.
Stephen Opata, the Bank of Ghana’s Head of Financial Markets, revealed this to local media (JoyNews) in an interview on The Pulse on Thursday.
He said, “The product was cleared from the ports today and I know that BOST has started selling. This is just 20% of our market needs from the numbers I have seen the prices are better than what is at the ex-pump prices right now.
“Because this is just 20 percent of our needs, it will not make that much impact as it would if we were to be doing 100 percent of our diesel needs,”
On Monday, January 16, the government received the first shipment of oil under the policy at the Tema Port. The 41,000 metric tonnes of oil from the UAE were then discharged to Bulk Oil Storage and Transportation (BOST).
The initiative is part of the government’s efforts to lower fuel prices and reserve foreign currency.
Source: Energy Ghana