The National Petroleum Authority (NPA) should be scrapped for failing in its mandate regarding domestic oil pricing, Chairman of the People’s National Convention (PNC) Bernard Mornah has suggested.
“NPA is an ineffective institution and, therefore, should be scrapped. It’s an outfit that is not working the way it is supposed to work, in our opinion,” Mr Mornah stated.
His call comes in the wake of a 27% increase in the price of petroleum products following the passage of the energy sector levy.
Speaking at a forum in Accra organised by Penplusbytes, an oil and gas NGO, on Friday 12 February, 2016, Mr Mornah indicated that the “NPA has lost its usefulness”.
Mr Mornah pointed out that the NPA increased fuel prices in Ghana after an increase in global crude oil prices but has failed to reduce domestic oil prices after the price of crude oil dropped sharply from $110 to about $30 per barrel.
The price of OPEC basket of thirteen crudes stood at $25.21 a barrel on Thursday, 11 February 2016 according to OPEC Secretariat calculations.
Mr Mornah is urging the NPA to adhere to the same condition it used in increasing fuel prices, indicating that “if it [NPA] should work, it must be made to work within the framework that if world prices are rising, domestic prices should rise
and if it falls, we also enjoy the full benefits of it,” he emphasised.
According to him, “you don’t make a lot of revenue on a product and come and tell us that you are subsidising the same product”.
Source : http://classfmonline.com/1.8667285