COMAC raises red flag on Ghana’s fuel reserves
By: Solomon Nartey Tetteh
The Chief Executive Officer of the Chamber of Oil Marketing Companies (COMAC), Dr. Riverson Oppong, has raised concerns about the state of Ghana’s strategic fuel reserves and the current operational role of the Bulk Oil Storage and Transportation Company (BOST).
In a media interview, Dr. Oppong questioned whether BOST is still fulfilling its original mandate of serving as a national fuel reserve provider, particularly in light of growing global tensions that could threaten supply chains.
“BOST was established to serve as a strategic stockholder, not a trading company. In the event of a global supply crisis, such as the escalating conflict between Iran and Israel. BOST should be able to release fuel into the market to stabilize supply. But I doubt BOST can even support the country for a week if such an emergency arises,” he stated.
Dr. Oppong noted that although BOST still functions nominally as an Oil Marketing Company (OMC), it appears to operate more like a Bulk Distribution Company (BDC), adding complexity to the supply chain and raising questions about its pricing structure and core responsibilities.
“If BOST and private OMCs are buying from international oil trading companies at the same benchmark price and BOST still has to go through a BDC to sell its products, it’s difficult to understand how the pricing works in their favor,” he said.
He further stressed that BOST currently does not maintain its own strategic fuel stock but instead imports fuel like any private entity.
This, he warned, undermines its intended role as a national safeguard against fuel shortages.
“BOST is supposed to be an institution that stores fuel for emergency situations, not a competitor in the open market. But as it stands, BOST doesn’t hold its own product and must rely on BDCs to distribute, which is troubling,” Dr. Oppong emphasized.
He called for an urgent review of BOST’s operational framework and urged policymakers to realign the company’s activities with its original national security-focused mandate.
