The Strategic Petroleum Reserve Programme (SPRP) initiated by the Bulk Oil Storage and Transportation (BOST) Limited has sustained the country’s fuel security.
It has also eliminated the importation of petroleum products through emergency arrangements.
The project, which was initiated in 2014, leading to the outsourcing of BOST’s operational depots across the country, according to the Chief Executive Officer (CEO) of BOST, Mr Kwame Awuah Darko, was a major strategic shift in policy that turned the fortunes of the company around.
According to him, the SPRP also allowed BOST to import and stock its own products as strategic reserves, part of which was sold to bulk distribution companies (BDCs) for distribution to the oil marketing companies (OMCs).
“Since the inception of the project, there has been no need for emergency importation of petroleum products and there has been no shortage of petroleum products as well,” Mr Awuah Darko told the Daily Graphic in an interview in Tema yesterday.
The project, he indicated, had helped to restore the company’s operations by bringing stability and sanity to its depots whose operations had suffered a setback as a result of bad inventory management which had led to a significant loss of products.
Presently, Mr Awuah Darko said, there were some 106,979 tonnes of gasoline and 98,400 tonnes of premium super (petrol) in strategic stock which could last the country for five weeks.
Industry watchers have explained that the strategic reserves of BOST had made it difficult for the players in the industry to speculate and, thereby, influence the price of fuel at the pumps.
The players know that any attempt to manipulate the prices through speculation and hoarding will compel the BOST to release its reserves onto the market.
A private car owner was heard at a filling station wondering why prices had remained stable even during the festive season.