Comprehensive  Ghana Oil and Gas news, information, updates, analysis


News in Brief

Scrap ‘useless’ NPA – Mornah

  • SOURCE: | Editor
  • oilspil

    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

    Share this article

    Leave a reply

    Personality of the Month
    Poll

    Do You Think ExxonMobil's Arrival Is Going To Make Significant Contribution Towards Our Oil Sector?

    Follow Us Online
    About Us
    Reporting Oil and Gas project was launched on 4th June 2009 at Takoradi, Western Region, Ghana by Penplusbytes (www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector read more
    Events Calendar
    << Dec 2018 >>
    MTWTFSS
    26 27 28 29 30 1 2
    3 4 5 6 7 8 9
    10 11 12 13 14 15 16
    17 18 19 20 21 22 23
    24 25 26 27 28 29 30
    31 1 2 3 4 5 6
    Twitter Activity Stream
     

    Partners We are proud to be associated with:

    Skip to toolbar