BOST margin increased by 3 pesewas; Ghanaians to pay more for fuel from Monday

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Ghanaians will effective, Monday, June 1, 2020, pay more for petroleum products at the various filling stations following the increment of the BOST margin.

For more than ten years, the BOST margin remained at 3 pesewas per litre but in December 2019, it was increased to 6 pesewas only for it to be quickly reversed following intense pressure by a section of the populace.

Earlier in March this year, the Managing Director of BOST, Edwin Provencal appealed to the government to increase the Margin from three pesewas to nine pesewas to enable them to maintain the deteriorating facilities at BOST, a strategic asset of the State.

“The BOST Margin was solely for infrastructure maintenance. In 2011, the BOST Margin was given to us at 3 pesewas. We are in 2020, some nine years down the line where the dollar value has depreciated by 75%, we are still getting that same 3 pesewas. That is why a lot of the infrastructure is falling apart. We have to do something about it. We cannot as Ghanaians leave this strategic asset to rot away. We are trying our best but we need help hence the cry for help, the cry for Ghanaians to support the increment of the BOST Margin from the paltry 3 pesewas to at least some 9 or 12 pesewas if possible so that we can deliver our mandate to the people of Ghana.”

That appeal has been heeded as a statement issued by the National Petroleum Authority (NPA) on Friday, May 29, 2020, announced that Cabinet has approved the tax component which used to be three pesewas per litre to be increased to six pesewas.

“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.

SourceABC News

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