Prices of petroleum products could’ve gone up 7% more – NPA Boss

Business News of Sunday, 28 October 2018

Source: kasapafmonline.com

2018-10-28

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The Chief Executive Officer of the National Petroleum Authority, Hassan Tampuli, has said but for the government’s intervention, Ghanaians would have paid 7% more on petroleum products.

He said the Economic Management team of government has made some interventions reducing the price build up to cushion consumers.

According to him,government has since June this year forfeited taxes amounting to nearly 300million cedis of the price stabilization levy on petroleum hence the current price despite world market price of petroleum hitting the highest price ever since four years.

Therefore, he said the Government deserves a tap at the back rather than condemnation.

He said this during media interaction in Koforidua in the Eastern Region.

Mr. Tampuli explained stated further that,it is important for Ghanaians to also be cognisant of the fact that government cannot be blamed for the recent fuel hikes in the price of petrol and diesel because determining fuel prices at the pump was taken away from Government in 2015 after the amendment of the price deregulation policy, Regulation 14 of L.I. 2186.

According to him,following the implementation of the price deregulation policy in July 2015, setting ex-pump prices of petroleum products shifted from the Authority to petroleum service providers that is the Bulk Distribution Companies (BDCs) OMCs) which they used several factors including Exchange rate, world market price among others.

The CEO however hinted that fuel Prices may reduce as the World market price continue to dip up to the end of the pricing window.

He explained that currently there is 2% decrease in world price for petroleum products and 8% decrease on LPG while cedi is making gains against the Dollar.

On the Cylinder Recirculation Model,the CEO of NPA said the program will soon be implemented.

He said the program will create 4,500 additional jobs at the initial stage of implementation contrary to claims of possible loss of jobs.

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