The National Petroleum Authority is assuring that the new pricing policy of petroleum products will rather result in consumers paying less for fuel at the pumps.
The Authority has confirmed to JOYBUSINESS that is it currently engaging all stakeholders to ensure that it meets the June 15 deadline for the full implementation of the deregulation policy.
There are concerns that the move would rather result in prices of petroleum products hitting the roof.
But the Authority disagrees. Its head of Public Relations Yaro Kasambata told JOYBUSINESS mechanisms will still be in place to protect consumers.
“All the BDCs will be quoting the same prices. What we are going to ask of the BDCs is to submit to the Authority their individual prices.
“Then we can tell whether all the prices are the same,” he said.
He added they will investigate what went into the price build-up of each BDC and will keep exercising its supervisory control to ensure that no BDC goes over the top.
Meanwhile the Oil Marketing Companies say although there will be some difficulties at the initial stages, the time is right to go ahead with the policy.
Chief Executive of the oil marketing companies, Kweku Agyeman-Duah said with the new policy prices will be competitive and that will be in the interest of consumers.
Government in 2005 began the process to deregulate the entire petroleum market. Allowing importers and marketers to set their own prices for products sold is seen as the final stage to achieving full deregulation of the sector.