The public has been reassured by THE Bulk Oil Storage and Transportation Limited (BOST) that there is no imminent gasoline scarcity, contrary to what some media outlets have reported.

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According to estimations from the National Petroleum Authority, the entire amount of petroleum on hand as of September 20, 2022, was comparable to 43 days' worth of national demand, not the 13 days that have been mentioned.

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According to the report, BOST stored enough oil to last for 13 days out of the total amount, while the bulk oil distributors (BDCs) collectively held enough oil to meet the country's needs for close to 30 days.

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The company has, therefore, urged the public to disregard any publication attributed to its managing director that there was a looming fuel shortage.

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“We have taken notice of a publication attributing a prediction of imminent fuel shortage in the country to our Managing Director, Edwin Alfred Provencal.

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The allegation is unfounded, and we wish to dispel it,” the release said.

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It noted that comments from its managing director on the strategic stocks of the country were misinterpreted to mean there was a looming fuel crisis.

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Quoting what exactly the managing director said, the release stated “as we speak, there are no strategic stocks in storage. The strategic stocks levy was zeroed out in the year 2006.

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The fuel stocks in our tanks are financed through arrangements with financial institutions which require we sell within a reasonable time to avoid refinancing.

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“Instead of the expected minimum of six weeks of national demand in storage as per the second mandate, BOST currently has stocks which can only last 13 days in the event no further imports of products are carried.”

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The release explained that the reference to stocks was in reference to BOST owned products in its tanks.

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“At any material moment, the total quantities of product available in the country, thus across all tank farms as tracked by the National Petroleum Authority, includes BOST stocks and stocks of private BDCs,” the release explained.

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It said the media publications on an impending fuel crisis was, therefore, misleading.

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“It equates BOST stocks to total product stocks available in-country and concludes that there is imminent danger of product shortage,” the release added.

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