The Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Mr. Senyo Hosi has debunked claims that Bulk Oil Distributors (BDCs) are making profit. Mr. Hosi made this statement when he took a seat on Point blank on eye witness news on Citifm.
Mr. Hosi however, made it clear the people he represents have lost about 140 million cedis over a period of three months.
Listing the factors accounting to the loss, Mr. Hosi stated that the fact that international transactions between the BDCs and the people they buy from is done in foreign currency makes things difficult. This is because, forex rates can change anytime, and this might not go well for the BDCs.
According to Mr. Hosi, the various processes the petroleum products go through before getting to its destination is also a drain on them. From the international oil trader adding his own margin to the cost of the product, through to getting vessels which also comes with insurance and finally to the shore where regulatory prices are paid all increases the cost of the BDCs.
He stated emphatically that, the BDCs are running at a loss.