Ghana’s National Petroleum Authority (NPA) says all Oil Marketing Companies (OMCs) that purchase petroleum products under the government’s Gold for Oil (G40) Programme will be required to sign an undertaking to guarantee a reduction in their prices at the pumps.
The decision, according to the NPA was intended to ensure that consumers benefited from the Programme.
Ghana took delivery of 40,000 metric tonnes of petrol and 35,000mt of diesel last week under the G40 Programme – in addition to the 40,000mt of diesel that arrived in the country last month.
Mr Abass Ibrahim Tasunti, Head of Economic Regulation, NPA, said, the Authority was optimistic that the new arrival would lead to a “minimal reduction” in fuel prices at the pumps.
He said a number of OMCs in the top 25 companies had confirmed their readiness to lift the product.
“The discharge is complete, and the products are now about to go to the market. Definitely, it is expected that because the prices are a bit competitive compared to the other sources of import, it would lead to some minimal reduction,” Mr Tasunti said.
He added: “Prices are deregulated; so, with this (G40) coming in, we have to monitor the prices of the OMCs that are lifting the product.”
Mr Tasunti said as part of the implementation criteria, interested OMCs would be required to sign the undertaking, adding that companies that failed to comply with the agreed requirements would be sanctioned.
It is estimated that the country required about $400 million to import petroleum products monthly – out of which the Bank of Ghana is able to supply only $120 million to petroleum importers.
The government has targeted that the G40 Programme would account for 50 per cent of petroleum products imported into the country.
The NPA has indicated that only OMCs with at least 45 outlets across the country would be eligible to lift the latest consignment under the G40 Programme.
The Authority said the move would ensure that consumers felt the impact of the Programme in terms of a reduction in prices of petrol and diesel at the pumps.
