The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boagye, has called for the suspension of certain petroleum levies, including the Bulk Oil Storage and Transportation Company Limited (BOST) levy, in response to recent fuel price increases.
Speaking on Joy FM’s Super Morning Show on Wednesday, April 1, he argued that the BOST margin should be temporarily halted as the country reviews and optimises its fiscal space.
“BOST margin can be suspended while we think optimisisng that space,” he said.
Mr Boagye explained that the BOST initiative operates within a commercial framework but is supported by state funding. He questioned the rationale for imposing additional levies on consumers at a time when many are already grappling with economic challenges.
“BOST is essentially a commercial enterprise at this point, competing with private depots and other private investors. We have brought the tanks and everything for them and I dont see the reason why we should be paying a margin for them to function if the people are struggling at this point,”
“That can be suspended while we think about broader policy instrument to strengthen distribution of product from the government’s end,” he said.
He emphasised that easing such financial burdens could provide relief to citizens, particularly in the current climate of rising fuel costs.
Fuel prices have risen at the pumps as major Oil Marketing Companies revise their rates ahead of the first pricing window for April.
The adjustments reflect both compliance with the National Petroleum Authority’s price floor and upward pressure from global market trends, driven largely by geopolitical tensions.
State-owned GOIL is the first to implement the new pricing structure, raising both petrol and diesel to the approved minimum levels.
Petrol is now selling at GH¢13.30 per litre, up from GH¢12.24, while diesel has increased to GH¢17.10 per litre from GH¢15.69 per litre.
More Oil Marketing Companies are expected to adjust pump prices in line with the new price floor set for the first pricing window of April.
The new price floor set by the National Petroleum Authority (NPA) for the first pricing window of April will see diesel sold at a minimum of GH¢17.10 per litre, while petrol is pegged at a minimum of GH¢13.30 per litre. Liquefied Petroleum Gas (LPG) will also be sold at a minimum of GH¢10.71 per kilogram.
