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Fuel prices: Ghanaians being short-changed?

 

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Investigations by Citi Business News have exposed discrepancies in the pricing of petroleum products by some Oil Marketing Companies following attempts to implement the full deregulation of the petroleum downstream sector.

The huge difference in the prices of petroleum products at various pump stations have led to concerns about the pricing formula of the different OMCs and the capacity of the National Petroleum Authority to effectively regulate the OMCs.

There is currently a 21 pesewa gap in the price of petrol per litre and an 18 pesewa gap in the price of Diesel per litre, comparing the highest and least prices of the products on the market.

This will translate into millions of dollars in windfall profit for the OMCs without any form of accountability.

The table below details petrol and diesel prices after NPA sanctioned price adjustments on June 16 and July 1 and the percentage change.

OMCs Petrol price on June 16 Petrol price after July 1 Percentage change Diesel price on June 16 Dieselafter July 1 Percentagechange
Allied 3.47 3.978 14.63% 3.37 3.736 10.89%
Total 3.47 3.979 14.66% 3.37 3.737 10.89%
Vivo 3.47 3.979 14.66% 3.37 3.737 10.89%
Kings 3.47 3.990 14.98% 3.37 3.740 10.97%
Pacific 3.47 4.00 15.27% 3.37 3.750 11.27%
Star Oil 3.47 3.980 14.69% 3.37 3.742 11.03%
Goil 3.45 3.79 9.85% 3.35 3.57 6.52%

According to Citi Business News investigations, some OMCs during the recent review of prices pegged their dollar rate at 4cedis 60 pesewas  while others pegged their rates at 4 cedis 35pesewas.

– Source: http://citifmonline.com/2015/07/09/fuel-prices-ghanaians-being-short-changed/#sthash.TyLPSnLa.dpuf

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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