The Petroleum Strategic Levy has been increased from 10 cedis to 30 cedis per litre, Mr Albert Kan-Dapaah Minister of Energy, told newsmen in Accra on Tuesday.

The money from the increase in the levy would be used to purchase petroleum for strategic purposes for times of emergency, he said after inaugurating the board of directors of the Bulk Oil Storage and Transportation (BOST) Company on Tuesday.

Mr Kan-Dapaah said the country would need eight million dollars a week to purchase oil in case the country's suppliers failed to adhere to existing agreement or during any eventuality.

"With the levy as collateral the company could access funds from financial institutions to establish new depots and expand existing ones".

Mr Kan-Dapaah said at the moment the country had no petroleum reserves although it had operational stocks to last six weeks.

He said the main aim of the government was to ensure that the strategic reserves would be expanded to cover the country so as to have enough reserves to help countries in the sub-region that would be hit by emergencies.