Skip to main content

Minority calls for withdrawal of 100% increment in BOST margin

The Ranking Member on the Mines and Energy Committee of Parliament, Adam Mutawakilu, is asking the government to immediately withdraw the increment in the BOST margin announced by the National Petroleum Authority (NPA).

He said the decision to increase the margin amidst the COVID-19 pandemic is unfortunate.


He said the Minority in Parliament is concerned that while the government appears to be granting some reliefs to individuals and businesses due to COVID-19, it has been secretly introducing new levies and taxes that places extra burden on Ghanaians.

“We’ve come to realize as a Minority that while President Nana Akufo-Addo is giving reliefs to Ghanaians, he clandestinely went behind to increase levies, taxes and margins. We call on President Akufo-Addo to as a matter of urgency reverse this 100 percent increase in BOST margin so that Ghanaians who are burdened by COVID-19 will be able to make a good living,” he said.

The National Petroleum Authority (NPA) in a statement over the weekend said the BOST Margin which used to be three pesewas on each litre of petroleum product has been increased by an additional three pesewas.

The regulator in the statement said the increment was approved by Cabinet.

“We write to inform you of a review of the BOST Margin in the Price Build-Up (PBU) of petroleum products effective 1st June 2020. This is in line with a decision taken by Cabinet and communicated to the National Petroleum Authority (NPA) by the Ministry of Energy,” the statement said.

The implication is that Ghanaians from 1st June 2020 started paying more for fuel at the pumps.

The BOST Margin has remained at 3 pesewas per litre since 2011.

In December 2019, it almost went up to 6 pesewas per litre, but the decision was quickly reversed following intense pressure on government by opposition parties as well as CSOs such as the Chamber of Petroleum Consumers (COPEC).

BOST MD appeals for nine pesewas increment

It will be recalled that Managing Director of BOST, Edwin Provencal earlier in March appealed to the government to increase the BOST Margin from three pesewas per litre to nine pesewas.

According to Provencal, the increment will help them maintain the deteriorating facilities at BOST, a strategic asset of the State.

In a Citi Business News interview after a tour of BOST’s Accra Plains Depot at Tema, the MD insisted that the company really needs an immediate injection of funds to enable them protect the country’s strategic asset which plays a very pivotal role in the country’s oil, gas and energy sector.

Comments

Popular posts from this blog

Nestlé Ghana Limited Wins Overall Best Industrial Company Of The Year at 13th AGI Industry & Quality Awards

  Nestlé Ghana Limited has been honored with four prestigious awards at the 13th Association of Ghana Industry and Quality Awards ceremony. The event, held in an esteemed setting, gathered prominent figures from Ghana’s industrial sector. Amidst the anticipation, Nestlé Ghana emerged as one of the evening’s notable winners, securing accolades in several key categories. This recognition underscores Nestlé Ghana’s relentless pursuit of excellence and innovation, marking a significant milestone that highlights the company’s substantial contributions to the manufacturing industry in Ghana. Nestlé Ghana's exceptional performance was acknowledged with the following awards: Overall Best National Quality Award, Diamond Category (Food) Overall Best Practices in Sustainable Manufacturing Best Company (Food Sector) Overall Industrial Company of the Year, affirming its status as a leader not only within the food sector but also across Ghana's entire industrial landscape. This success is a ...

Anglogold Ashanti Obuasi Mine tops 2024 Sustainability & Social Investment Awards

 AngloGold Ashanti Obuasi Mine has confirmed its status as sustainability champions by sweeping nine awards, the most won by a company at the 2024 Sustainability & Social Investment Awards (SSI) held at Movenpick Ambassador Hotel in Accra. The feat comes on the heels of a dominant performance in last year's event where AngloGold Ashanti Obuasi Mine swept seven awards. The SSI Awards organised by Ianmatsun Global Services recognizes the most outstanding sustainability, Corporate Social Responsibility (CSR), Environmental, social, and governance (ESG) initiatives in the country and beyond as well as the best teams and individuals who brought them to life. This year's event, which was the 8th edition, was under the theme "Climate Action Now: Accelerating Decarbonization and Building Resilience". The awards won by AngloGold Ashanti on the night include SSI Company of the Year, Best Company in Women Empowerment (project), SSI Company of the Year ( Environment), Best Co...

Zoomlion Advocates Community & Gender inclusive waste management for Climate Action at COP 29

 Africa's waste management giant, Zoomlion Ghana Limited has advocated for an integrated approach to waste management that considers the interest of community members, women and vulnerable groups. James Deku, a Communications Officer of Zoomlion Ghana Limited made this call at the 29th session of the Conference Of Parties (COP 29) of the United Nations Framework Convention for Climate Change (UNFCCC) at Azerbaijan, Baku whiles speaking on the topic "Community-Driven and Gender Inclusive approaches to waste management for Climate Action ". He said the waste sector is a major contributor of methane emissions which is a potent greenhouse gas causing climate change hence the need to manage waste in a manner that considers the interest of all stakeholders. Zoomlion's waste management model is designed and operated in a manner that considers the interest of all stakeholders. Through a Public Private Partnership (PPP) model, local authorities engage community members in clea...