The process to deregulate the pricing of petroleum products has been evolving since 2005.
The policy was among other things to reduce the huge losses incurred by Bulk Distribution Companies (BDCS) and Oil Marketing Companies-OMCs which deprived them of the needed capital to make their businesses viable.
As a regulator mandated to oversee and monitor activities in the petroleum downstream industry and establish a unified Petroleum Price Fund, the National Petroleum Authority met with Civil Society Groups to discuss ways to promote a robust and efficient downstream petroleum industry.
Chief Executive of the NPA’ Dr. Mustapha Abdul Hamid says, the time is more than ripe for the move.
He says the NPA will do well to guard its regulatory role of protecting petroleum prices on the Ghanaian market.
This according to its Chief Executive Dr. Mustapha Abdul Hamid will ensure, the industry remains efficient, profitable, fair, and at the same time, see to it that consumers receive value for their money.
The Head of Pricing at the NPA, Abass Ibrahim Tasunti says competition is what drives petroleum pricing by oil marketing companies–OMC’s.
It is important that mechanisms be put in place to help Ghanaians benefit from pricing should it drop on the world market.
Stakeholders have had a session on Petroleum Pricing for Civil Society Groups in the Petroleum Sector.
The meeting comes at a time when the government is in the process of reviewing the price deregulation regime of the petroleum sector, which has been in effect since 2015.