The Bulk Oil Storage and Transportation Company Limited (BOST) has responded to the Institute of Energy Security (IES) over the latter’s recent call for the withdrawal of increased margins on petroleum products.
BOST says the IES’ explanation of the increase in the BOST Margin was a “sensationalized interpretation”.
Last week, IES asked government to without delay, withdraw the increased levies on some margins in the Price Build-UP (PUB) of petroleum products.
The said amended margins included the BOST Margin, the Primary Distribution Margin (PDM), Fuel Marking Margin (FMM) and the Unified Petroleum Price Fund (UPPF) Margin.
But BOST in a statement said the “civil society organization is simply asking for a withdrawal of the purported upward adjustments in the margins.”IES concerns
According to the IES, the UPPF Margin of 3 pesewas per litre has been added to all liquid products except for Premix fuel, MGO Foreign, Gasoil Mines, Gasoil Rig, plus the addition of 3 pesewas per kilograms on LPG.
The PDM has also been increased to 3 pesewas per litre of Petrol, Diesel, and Kerosene.
Similarly, the Fuel Marking Scheme has seen an increment of up to 167% from 3 pesewas per litre to 8 pesewas per litre for all liquid products.
It also said the BOST Margin has recorded an increment of 100% from 6 pesewas to 12 pesewas per litre.
However, BOST clarified the issues raised as follows:
“We at this point call on the public to have confidence in the current management and look forward to nothing but the best from the company”, BOST concluded in its statement.