The Communication Manager of the National Petroleum Authority (NPA), Abdul Kudus, says the NPA does not have the mandate to determine or stabilize the price of petroleum products at the pump.
According to him, the constitution merely mandates the NPA to act as a policing agent to ensure that consumers are not cheated at the pumps.
Speaking on JoyNews’ PM Express, he said, “Looking strictly to the Act that has established the National Petroleum Authority, the Act 205 and then the subsequent amendment to the Act in 2015, we simply are if you want for a better description a police to the petroleum downstream industry particularly when it comes to pricing.
“So we’re not supposed to determine what the price is supposed to be, we virtually are leaving it to the market, but we guide and police it to ensure that the consumer is not shortchanged and that there is fair pricing as it were for the consumer to be able to buy.
“So strictly speaking if there is anything that we can do in the stabilization or determination of prices at the pump, I’ll flatly say no we don’t have that power. But are we able to ensure that consumers get value for money, consumers are protected so consumers are not exposed for anybody to want to cheat them I’ll say yes we are doing that and obviously it is part of our mandate.”
His comments come on the back of Oil Marketing Companies increasing prices of petroleum products at the pumps.
This is due to the fortnight review of petroleum prices that took off from October 16, 2022.
The increment has become possible because of the slight increase in the price of crude oil on the world market during the period and the sharp depreciation of the cedi.
Checks by Joy Business indicate that some OMCs are selling a price of petrol per liter for ¢13.10, from the previous price of ¢11.10, which is about 16% increase.
On the other hand, the price of diesel per liter has shot up to about ¢15.99, from the previous price of ¢13.90. This is about 12% surge.
Similarly, the price of Liquefied Petroleum Gas (LPG) has gone up by about 10%.
