The National Petroleum Authority (NPA), is concerned about the increasing rise in the prices of petroleum products in recent times.
According to the Authority, it is constrained under the deregulation regime to directly intervene in determining fuel prices at the pumps but will ensure that consumers are not short-changed.
Speaking to Citi News during a familiarization visit in the Upper East Region, Head of Pricing at the NPA, Abass Ibrahim Tasunti, said the NPA will ensure that Oil marketing companies fairly price petroleum products.
“For now, it was just an intervention, unfortunately the price on the world market keeps rising so as regulators, we are seeking to ensure that the pricing is done fairly. We are hoping that government can intervene, that is depending on whether government has revenue to subsidise or not.”
“We are very concerned about the prices of petroleum products and we will keep an eye on the world market prices and inform consumers to ensure that oil marketing prices are done fairly.”
Meanwhile, the Chamber of Petroleum Consumers Ghana (COPEC), is predicting that the price per litre of the product will hit GH¢8 by March 2022.
Prices of fuel have gone up at the pumps across the country because the Price Stabilization and Energy Recovery levy, which is a key component of the fuel price build-up, has been restored by the National Petroleum Authority (NPA) after it was suspended for about three months.
The levy was suspended last year as a means of reducing the burden on consumers.