The Bulk Energy Storage and Transportation Limited Company (BESTLC), formerly BOST, has advised members of the public to disregard claims that it is responsible for the importation of manganese-laden fuel that has caused engine malfunction in some vehicles.
This is in reaction to media reports that the Gold-for-Oil policy is to blame for the importation of manganese-laden gasoline onto the Ghanaian market.
“We wish to state unequivocally that, we have not imported any product under the policy which is off the specifications per the regulations of the NPA and the product specifications of the GSA,” the BESTLC said in a press release dated November, 27, 2023.
It noted that as the organization responsible for importing products on behalf of the government under the Gold for Oil policy, it ensures that they meet the required standards.
“The product imports are guided by specific regulations of the National Petroleum Authority, NPA, and include specific product component tests which the Ghana Standards Authority, GSA, carries out before products are passed for discharge (off-loading),” the BESTLC assured.
They explained further that, “We have so far imported twenty-three (23) cargoes under the policy and none has failed the quality test as carried out by the GSA.”
Please read full statement below:
The Bulk Energy Storage and Transportation Limited Company, formerly BOST, has taken notice of a publication on the website of modernghana.com which has attracted commentary from socialites to the effect that the Gold-for-Oil policy is to blame for the importation of manganese-laden gasoline into the Ghanaian market which is causing the underperformance of vehicles.
One ‘socialite’ noted on X, formerly Twitter, as follows; ‘yes, you will buy cheaper fuel but you will use more than your saved cash to do repairs’ in an apparent reference to the price reduction in the product prices even as the world market prices are close to the levels in November 2023, which saw diesel sell around GHS23 per litre in Ghana.
We wish to respond to these speculations as to the source of the alleged manganese-laden gasoline as follows:
- The Bulk Energy Storage and Transportation Limited imports products on behalf of the government under the Gold for Oil policy.
- The product imports are guided by specific regulations of the National Petroleum Authority, NPA, and include specific product component tests which the Ghana Standards Authority, GSA, carries out before products are passed for discharge (off-loading).
- We have so far imported twenty-three (23) cargoes under the policy and none has failed the quality test as carried out by the GSA.
- We wish to state unequivocally that, we have not imported any product under the policy which is off the specifications per the regulations of the NPA and the product specifications of the GSA.
- We, therefore, implore the public to disregard the claims of our detractors regarding the importation of manganese-laden fuel and grant the regulatory authority of the petroleum downstream the time and space to investigate the exact source of the said product and also to tighten the regime to clamp out the room for the importation of potentially problematic products on to the market.
- We shall continue to import products from safe sources without compromising on quality standards and leverage the volumes to serve the market at reasonable prices to beat down the cost of living in the country.
- We maintain that the Gold-for-Oil policy is an innovative intervention that is helping with the reduction in product prices on the market whilst reducing the volume of demand for the dollars in the economy and its attendant effect on the currency exchange rate. The Policy, from the available data, has contributed to the relative stability of the forex and has largely ensured that the pass-through effect increases in the global market price of petroleum products is mitigated on the Ghanaian market.
- God bless our homeland Ghana.