Head of Economic Regulation at the National Petroleum Authority (NPA), Mr. Abass Tasunti says the NPA has debunked the assertion that it is responsible for the determination of prices of petroleum products.
He notes that the job of the NPA as a regulator is to ensure that consumers and suppliers get value for money hence it makes sure that the price is done according to a formula.
He indicated that global factors such as geopolitics, wars, natural disasters, and political unrest were affecting issues of demand and supply, creating shortages and directly influencing the prices of petroleum products locally.
Mr. Tasunti, speaking at a media engagement on the quality and pricing formula of petroleum products, organized by the NPA in Cape Coast on Wednesday, assured the public of firm price regulation by the authority in ensuring consumer value for money.
Touching on prices of fuel, he noted that since the prices of fuel have been deregulated, there is competition however it does not mean that companies selling fuel at lower prices do not necessarily mean there are substandard products being sold at such pump stations.
He emphasized saying “our monitoring activities help us to identify some of these companies and therefore if we see any outlet that is operating openly the consumer should be assured that NPA is monitoring and would close down any such station so we should not be deterred from buying products from filling stations because their prices are lower.”
“It is purely as of the competition we see out there and this is one of the advantages that the prices regulation policy has brought where we see that some companies can afford to either lower their margins to be more efficient in order to reduce their cost and give the consumer value for money in terms of lower prices. It is not for NPA to determine when the prices come down” he added.
For his part, the Head of the quality assurance Directorate at the NPA, Mr. Ubeidalah Saeed Kutia said the authority will continue to put in quality control measures along the value chain to guarantee the integrity of petroleum products in the country
He noted that high-quality petrol and diesel remained the hallmark of the authority at all the 4,000 retail outlets in the country.
Mr. Saeed Kutia further stated that his outfit is apt in ensuring that fuel products sold by the Oil Marketing Companies are of quality and meet the appropriate standard.
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Source: Eric Sekyi/ATLFMNEWS
