NAPO: high cost of petroleum products must become a rare phenomenon

Dr Matthew Opoku Prempeh, minister of Energy is confident the high cost of petroleum products in the country may soon become a rare phenomenon.

The energy minister believes this can only become a reality if key players such as the National Petroleum Authority is thorough, fair and principled in their work.

Addressing a delegation from the NPA in Accra, the Energy minister charged the NPA to put Ghana first during their negotiations and decision making.

“Today, I met with a delegation from the National Petroleum Authority (NPA) to discuss their critical role as regulators in the petroleum downstream industry and issues concerning pricing of petroleum products, “Matthew Opoku Prempeh wrote on facebook.

The energy minister added “The NPA plays an important role in ensuring that the industry remains efficient and profitable while ensuring also that ordinary Ghanaians and businesses receive value for money. I admonished them that in this new era, I expect them to be conscious of the impact of their decisions and remember to put Ghana first during their negotiations and decision making.”

“I am sure that when authorities such as the NPA are thorough, fair and principled, the high cost of petroleum products will be a rare phenomenon.”

Petroleum prices to go up by 5.7%

Meanwhile petroleum prices are expected to go up by 5.7%, Osei Kyei-Mensah-Bonsu, the caretaker finance minister, has said.

Presenting the 2021 Budget in Parliament on Friday (12 March), Kyei-Mensah-Bonsu said: “I should note that on the basis of existing world crude oil prices, the implementation of the two proposed levies for sanitation and pollution as well as to pay for excess capacity charges would result in a 5.7% increase in petroleum prices at the pump.”

Kyei-Mensah-Bonsu said the increment has become necessary because of the introduction of two new levies by the government.

He said the COVID-19 pandemic has caused additional health spending which far exceeds the government’s annual budget for health care.

Kyei-Mensah-Bonsu also said the pandemic has brought unprecedented challenges to the country and that there is a need to provide resources to address these challenges and fund major projects being executed by the government.

Fred Dzakpata

Gh Extractives

Ghextractives.com is an independent multimedia portal that seeks to provide credible information and news content to readers especially players in the extractive sector in Ghana, Africa and beyond. It also provides a unique platform for players in the energy sector to market their products and reach a wider audience

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