Edwin Provencal: Government instituting measures to ensure fuel security

The government is rolling out a raft of measures in a bid to enhance fuel security for Ghana amidst the global economic challenges, the managing director of the Bulk Oil Storage and Transportation (BOST) Company Ltd, Edwin Provencal has said.

This is coming on the back of the latest sterling performance by BOST  after posting a profit of GHC 161 million in 2021.

Talking to Kwaku Nhyira-Addo on the Asaase Breakfast Show on Tuesday ( 20 September), Provencal said, “In terms of petroleum security, I can confidently tell you that the energy minister is working on about two or three alternatives to ensure petroleum security is achieved.”

“The first which is my preference is that we use to have a reverse levy … so BOST can store to achieve six weeks of petroleum reserve, that levy in 2006 was zeroed out, that means that today, since 2006 there was no money allocated to procure reserves for the country.”

Provencal added, “One of them is TOR coming back on stream as quickly as possible, because TOR belongs to the government, when they refine, we can store and then trade. Another one is to partner with an international oil companies that will hold their products in Ghana and sell from Ghana.”

Listen to Edwin Provencal in the audio below:

Watch the full interview in the video below:

Fred Dzakpata

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