Business News of Wednesday, 24 October 2018
The Chief Executive Officer of the National Petroleum Authority Hassan Tampuli has disclosed that despite the rising cost of petroleum products in Ghana, motorists relatively pay the lowest prices at the pumps.
Hassan Tampuli boasted petroleum product quality sold at the pumps is graded higher than the West African average making the country’s products by far the cleanest in the sub-region.
The NPA CEO argued that considering the fact that Ghana’s petroleum industry is deregulated with no subsidies, it’s prices can be said to be the best against that of neighbouring countries.
Togo, he observes, have increased prices at the pump by almost 10% for all products, meaning consumers there will pay much more than they are now.
He suggested that by far Ghanaians are getting better in terms of prices and quality and ‘in a comfortable lead’ as compared to their colleagues in the sub-region.
“Since last week, the Togolese have increased the price of petroleum products at the pump. 10% for petrol, diesel and Kerosene and about 8% for LPG and that means that in all the calculations apart from the price of products may be in Nigeria where it is heavily subsidised, prices of petroleum prices in Ghana is about the lowest in the entire West Africa Sub-region. And I have to also add that the quality of products in Ghana is about the cleanest in terms of the levels of Sulphur. All the countries in the sub-region consume between 1000ppm of sulphur to about 5000 and in some cases, they do 10, 000ppm. In Ghana, we do 50ppm so if you compare the quality and the price you would realise that we are in a comfortable lead.”
NPA saves Ghana ‘millions’ after drastically reducing petroleum product smuggling
The NPA CEO emphasised that by reducing smuggling of petroleum products from Ghana, his outfit has saved millions of cedis that would have otherwise entered private pockets.
He explained that those caught in the act of smuggling will be made to face the full rigours of the law and pay all taxes necessary and the smuggling vehicles will be appropriately handled in collaboration with the security.
Hassan Tampuli also pointed out that the NPA has picked up information that low-quality fuel is being smuggled into the country from Togo through the northern part of the country.
Hassan Tampuli insisted “following stringent measures instituted by the Authority to curb illegal activities in the downstream petroleum sector, petroleum product exports to neighbouring countries have drastically reduced from 30 million litres in August 2017 to two million litres in August 2018 representing about 93% decline. Friends from the media, what this means is that significant savings have been made following the significant reduction in volumes of exported products that would have been diverted invariably for personal gains at the expense of the state”.
“We have, in close collaboration with the security agencies so far arrested and detained 43 Bulk Road Vehicles and One canoe for engaging in all manner of illegal activities. Products on board the arrested BRVs were also confiscated from the owners. The Authority will ensure relevant taxes and levies are realized and paid back to the government,” he stated.
Hassan Tampuli was speaking at the petroleum downstream industry meeting at the National Petroleum Authority office in Accra on Wednesday.
The meeting brought together all stakeholders in the industry to discuss challenges facing them, highlight the potentials and address issues confronting stakeholders in the industry.