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NPA runs away from commenting on skyrocketing fuel prices

The National Petroleum Authority (NPA) has decided not to be commenting on the recent hikes in fuel prices, following the trend of increment.

While the authority conducts in-house studies that inform outlook, its Director of Communications, Mohammed Abdul Kudus, said it was wary of its influence on the market.

“We are careful in the speculation, predictions or wanting to make any assumptions. We want to work with the data as and when it is needed for the market or consuming public to know,” Mr. Kudus told Citi News.

The NPA spokesman who shifted blame to other agencies said the variables that have informed the increment can be answered by the Ministry of Energy and Ministry of Finance.

“It is the Ministry of Energy and Ministry of Finance that can speak to that,” Kudus added.

He noted further that the authority largely acts on instructions given it by the government.

“Anytime you come to us and say do this, we will do that,” he said.

The development comes after the price of diesel shot up to over GH¢23 per litre while petrol is selling at almost GH¢18 per litre.

Dissolve NPA

Meanwhile, a former Chief Executive Officer of the Volta River Authority (VRA), Dr. Charles Wereko-Brobby has called for the dissolution of the National Petroleum Authority (NPA) if it can’t regulate fuel price hikes to protect consumers.

Dr. Wereko-Brobby in an interview on Citi FM on Tuesday, November 1, stated that the NPA must control the Oil Marketing Companies (OMCs) to follow the laws on deregulation.

“There is a jungle market going on in fuel pricing. Deregulation works because we have set up windows for which price changes will be announced. There are two windows for every month. The NPA as the regulator is supposed to ensure that it announces what is known as maximum retail prices, so no consumer gets cheated by the Oil Marketing Companies.”

“But NPA has reneged on its duty and given it to COPEC which ironically is supposed to be representing the interest of the consumer… COPEC is now the chief cheerleader for marketing companies who keep announcing prices willy-willy. That is not the way deregulation was set up to go, it just keeps piling the pressure on [consumers],” Dr Wereko-Brobby added.

The development is expected to push inflation in October high while food prices go up drastically.

 

Source: Myxyzonline.com

 

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