The Chief Executive Officer of the National Petroleum Authority(NPA) Hassan Tampuli says the authority and for that matter government cannot be blamed for the recent fuel hikes in the price of petrol and diesel.
He argued that the role of determining fuel prices at the pump was taken away from the Authority in 2015 after the amendment of the price deregulation policy, Regulation 14 of L.I. 2186.
The industry pricing regime is now determined through the open market system, limiting the mandate of the NPA in influencing pump prices.
“Following the implementation of the price deregulation policy in July 2015, the responsibility of setting ex-pump prices of petroleum products shifted from the Authority to petroleum service providers (i.e., Bulk Distribution Companies (BDCs) OMCs). The only products whose prices are still determined by the Authority are Residual Fuel Oil (RFO), Premix Fuel, Aviation Turbine Kerosene (ATK), Gasoil Mines, Marine Gasoil Foreign and Gasoil Rig,” he emphasized.
Mr Tampuli therefore believes that it is unfair for Ghanaians to constantly lambast the authority anytime there is increment in fuel prices.Addressing stakeholders at a forum in Accra, NPA CEO used the occasion to call on the stakeholders present at the forum to assist his outfit in educating the public on the factors that influence the pricing at the pumps and the mandate of the NPA.
Meanwhile, Mr Tampuli is assuring motorists to brace themselves for some good news in the coming pricing window as he hints of a possible reduction in fuel prices.
“The consuming public should rest assured, that the benefits of the falling price of products on the international market as we have observed, will be felt in the next pricing window. As of today, the Ghana Cedi has made some gains against the United States Dollar and the nearly 2% decrease in the price of diesel and petrol as well as the observed 8% decrease in the price of LPG will be passed on to the public through pump prices, all things being equal. That is how a deregulated market works,” Hassan Tampuli highlighted.
Michael Creg Afful
