Gold for Oil: BOST begins selling of first consignment of fuel

JoyNews can confirm that the Bulk Oil Storage and Transportation Company (BOST) has today, Thursday, January 19 started selling petroleum products procured under the gold for oil barter arrangement.

Reports indicate that GOIL and other Bulk Oil Distribution Companies have taken delivery of fuel for the market.

However, what is being sold today is only 20 percent of Ghana’s market needs.

The Bank of Ghana says consumers should not expect to see an immediate reduction in the price of petrol and diesel at the various fuel pumps.

The Head of Financial markets at the Bank of Ghana, Stephen Opata disclosed this to JoyNews in an interview on The Pulse on Thursday.

“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,” he told Blessed Sogah.

Government took delivery of the first consignment of oil under the policy at the Tema Port on Monday, January 16.

The 41,000 metric tons of oil from the United Arab Emirates was subsequently discharged to Bulk Oil Storage and Transportation (BOST).

The move is part of the government’s efforts to reduce fuel prices and reserve the country’s forex.

Source:www.myjoyonline.com