Wednesday

September 28th , 2022

FOLLOW US

AVAILABLE FUEL EXCEEDS NATIONAL DEMAND BY 13 DAYS, ACCORDING TO BOST'S DISCLAIMER

featured img

The public has been informed by Bulk Oil Storage and Transportation Limited (BOST) that there will be enough fuel to meet demand nationwide for up to 43 days.

This information was provided by BOST in a disclaimer that was published in response to media reports that claimed the gasoline supply would last only 13 days.

The corporation claims that the actual amount of fuel on hand exceeds what is reported in the media and dispels any concerns about a fuel shortage.

The National Petroleum Authority's (NPA) projections of the volume of petroleum available in the nation as of September 20, 2022 were used by the corporation to derive the number for its news release.

Thus, it urged the public to ignore reports that the nation was about to face a fuel crisis that were ascribed to its managing director.

We have taken note of a report citing our managing director, Edwin Alfred Provencal, as the source for an impending fuel scarcity in the nation.

The release stated, "The claim is untrue, and we desire to debunk it."

The announcement claims that the comments made by the managing director were misrepresented in the publication.

As of right now, there are no strategic stocks in storage, the managing director stated. In the year 2006, the strategic stock levy was abolished.

"The fuel inventories in our tanks are financed through contracts with financial institutions, and in order to prevent refinancing, we must sell within a suitable amount of time.

According to the second mandate, "BOST presently has supplies that can only last 13 days in the event that no more imports of items are carried," as opposed to the anticipated minimum of six weeks of national demand in storage.

However, BOST clarified that the managing director's statements related to the company's present inventory of items rather than the entire number of inventories available in the nation.

"At any material time, BOST inventories and stocks of private BDCs are included in the overall amounts of product available in the nation, thus across all tank farms, as tracked by the National Petroleum Authority."



Connect and interact with amazing Authors in our twitter community