Duncan Amoah

Lead Director of the Chamber of Petroleum Consumers Ghana (COPEC Ghana), Duncan Amoah, has requested that the public authority use the Bulk Oil Storage and Transportation (BOST) appropriately to abridge the ascent in fuel costs.

Fuel costs are creeping nearer to GH¢7 per liter at significant fuel exchanging stations notwithstanding affirmations of value adjustment because of expulsion of the Price Stabilization and Recovery Levy (PSRL).

Last month, President Nana Addo Dankwa Akufo-Addo endorsed a solicitation from the National Petroleum Authority (NPA) to zero the PSRL for a long time to remain the expanding audits of oil costs.

The move was pointed toward padding customers from feeling the full effect of the rising worldwide costs on oil based goods. Regardless, costs on Friday, November 5 expanded all things considered siphons.

Petrol and Diesel are selling at maximum GH¢6.9 per litre and minimum GH¢6.75 per litre.

But the Chief Executive Officer (CEO) of oil marketing companies (OMCs), Kwaku Agyeman Duah, sees no end in sight soon.

“The trend around this time [means] it will continue going up,” he told Alfred Ocansey on 3FM’s Sunrise on Monday, November 1.

“We are still going to have some increments because the factors that affect the increments are still there. The increasing trend will continue.”

Speaking on this development in an interview with TV3, Mr Duncan Amoah said “If we wait for transport operators to increase their fares which would affect food cost, which would affect the cost of goods and services, eventually everything will go up. If somewhere later next year, prices decline sadly, the cost of living will not decline because it has already gone up.

“So if we have a window to manage it today let us manage.

“The facility BOST should be put to good use. You cannot have those huge tanks that fail to stock up when prices are lower. This is where you would have needed strategic stock to kick in if we had. Because during winter prices for fuel would naturally go up.

“The summer times people open their windows they don’t use as much for heat and prices normally are favorable yet. We are not taking advantage of the leverage BOST would have provided to save all Ghanaians so we don’t have strategic stock and that is a danger.”

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